Hong Kong is establishing a task force dedicated to overseeing sustainable and responsible development of Web3 in the region. The task force will be comprised of 15 industry experts and 11 government officials, media reports said.
In a statement, Financial Secretary Paul Chan emphasized Hong Kong’s ambition to be at the forefront of the Web3 sector, stating that the task force would enhance the region’s position as a leader in innovative exploration and development. Hong Kong aims to foster a thriving ecosystem by attracting top-notch companies and talent in the field.
The market has responded positively to Hong Kong’s policy statement on the development of virtual assets, which was released in October 2022. Since then, over 80 virtual asset-related companies have expressed interest in establishing their presence in Hong Kong, indicating the region’s attractiveness as a destination for crypto firms.
Hong Kong’s government has actively promoted the region as an appealing hub for the cryptocurrency industry. Legislative Council member Johnny Ng extended an invitation to global virtual asset trading platforms, including Coinbase, to apply for a virtual asset service provider license in Hong Kong. This invitation came shortly after the United States Securities and Exchange Commission initiated legal action against Coinbase.
In a move to expand accessibility, the Hong Kong Securities and Futures Commission (SFC) announced plans to allow licensed platforms to cater to retail investors. Virtual asset trading platform operators willing to comply with the SFC’s proposed guidelines are encouraged to submit license applications, indicating Hong Kong’s commitment to fostering a regulated and secure environment for virtual asset trading.
By establishing the task force and actively encouraging the development of Web3 and virtual asset-related businesses, Hong Kong demonstrates its determination to stay at the forefront of technological advancements and build a thriving ecosystem for the future.
