on June 30, 2023, The Hong Kong government announced the establishment of a key initiative – the Task Force to Advance Web3 Development. This significant move, led by Treasury Secretary Paul Chan, includes fifteen unofficial members selected from relevant market sectors, as well as key government and financial regulators. The term of office of these non-official members begins on July 1, 2023 and is designed to last two years.
The creation of this task force follows the Hong Kong Government’s Policy Statement on the Development of Virtual Assets (VAs) issued in October 2022. The market warmly welcomed this policy, reflecting Hong Kong’s forward-thinking approach to this important sector. As VAs play an essential role in the dynamic Web3 ecosystem, the government’s establishment of the task force signals its intention to promote the sustainable and responsible development of Web3.
Chan underscored the crucial role of blockchain technology for Web3, highlighting its characteristics such as disintermediation, security, transparency and cost-effectiveness. He outlined the technology’s potential to alleviate challenges in various sectors, including finance, commerce, business operations and even daily life. As a hub of international finance and innovation, Hong Kong aims to capitalize on the burgeoning trend of Web3 development.
“Hong Kong is committed to leading and driving innovative exploration and development, creating new application models, and striving to bring together world-class companies and industry talents to build a thriving ecosystem,” said Chan. He expressed optimism that the task force, a collective of industry leaders and professionals, will provide valuable advice to turn Hong Kong into a bustling Web3 hub.
The task force includes both official and unofficial members. Official members include several key government officials and executives from well-known financial and technology organizations.
The establishment of the Task Force to Promote Web3 Development is not the only sign of Hong Kong’s active engagement with Web3. In April, the Hong Kong Web 3.0 Association was founded, which is headed by the former head of the Hong Kong Monetary Authority (HKMA). Then, in June, the Hong Kong government released a report titled “Development of Web 3.0 Technologies in Select Places,” further cementing its position at the forefront of the Web3 wave.
