Hong Kong Is ‘Embracing’ Web3 With New Task Force

Authorities in Hong Kong introduced the creation of a process pressure devoted to selling Web3 growth. The information broke late Friday, by way of an official press launch from the Authorities of the Hong Kong Particular Administrative Area, for an initiative taking impact at present.

The group could have a two-year interval to do its work, and is led by Hong Kong’s monetary secretary, Paul Chan, together with different authorities officers and regulators. The duty pressure additionally consists of 15 non-official members, which embrace a number of trade consultants.

The territory’s monetary secretary, Chan has been notoriously pro-crypto, with claims earlier this yr that Hong Kong must seize the “golden alternative” that Web3 presents. 

“The blockchain know-how underpinning Web3 options traits in respect of disintermediation, safety, transparency, and low price,”  he mentioned within the announcement. “It has the potential to resolve many difficulties and ache factors encountered in finance, commerce, enterprise operations and even day-to-day life.”

Hong Kong has been vying to turn into a Web3 chief for years, asserting an official coverage assertion on Digital Belongings in 2022. That coverage, in accordance to yesterday’s press launch, obtained a constructive response from the markets, which finally led to the creation of the duty pressure, which shall be entrusted with offering suggestions for a sustainable and accountable growth of Web3 within the area. 

Though the definition of Web3 varies, it is predominantly seen as a decentralized next-generation web that embraces the crypto ethos.

“Hong Kong is a global monetary middle and a metropolis attaching significance to innovation and know-how, embracing the megatrend of Web3 growth,” mentioned Chan yesterday. He added that he desires to “attract top-notch expertise and construct a thriving ecosystem.”

Regardless of its closeness to China, which has been a staunch opponent to digital asset initiatives internally, Hong Kong has been adamantly pushing to turn into a crypto hub. The territory launched its Digital Asset Buying and selling Platform (VATP) handbook earlier this month, which delivers a transparent set of pointers for Web3 corporations trying to arrange store. 

“With the Activity Power bringing collectively leaders and professionals within the sectors concerned, I consider their beneficial recommendation will assist Hong Kong develop right into a Web3 hub,” Chan concluded.