As part of its ongoing commitment to embrace the development of Web3, Hong Kong has established a diverse task force consisting of industry and government officials to oversee and promote the growth of Web3 in an ethical manner.
In a statement released on June 30, the government of Hong Kong announced the formation of a task force comprising 15 industry participants and 11 key government officials in the 2023-24 Budget. The task force’s primary objective is to provide recommendations for the sustainable development of Web3 in Hong Kong.
The Govt announces the establishment of the Task Force on Promoting #Web3 Development https://t.co/wrC1DmE2QD
— Hong Kong SAR Government News (@newsgovhk) June 30, 2023
Financial Secretary Paul Chan expressed his belief that the task force would enhance Hong Kong’s position as a frontrunner in the Web3 sector. He emphasised Hong Kong’s goal to lead and drive innovative exploration and development, attract top-notch companies and talent, and build a thriving ecosystem in the Web3 arena. The task force is expected to provide valuable advice to support Hong Kong’s development into a Web3 hub.
The Hong Kong government’s policy statement on the development of virtual assets, released in October 2022, received a favourable response from the market. Since then, over 80 virtual asset-related companies have shown interest in establishing their presence in Hong Kong.
To further attract crypto firms, a Hong Kong Legislative Council member, Johnny Ng, invited global virtual asset trading platforms to apply for a virtual asset service provider license in Hong Kong. In his invitation, he specifically mentioned Coinbase, coinciding with the legal action taken against the exchange by the United States Securities and Exchange Commission.
I hereby offer an invitation to welcome all global virtual asset trading operators including @coinbase to come to HK for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to provide any assistance. pic.twitter.com/bcIi1IjMlc
— Johnny Ng 吴杰庄 (@Johnny_nkc) June 10, 2023
The Hong Kong Securities and Futures Commission (SFC) announced on May 23 that it would allow licensed platforms to serve retail investors, encouraging operators of virtual asset trading platforms to submit license applications if they adhere to the proposed guidelines.
