As part of Hong Kong's ongoing commitment to embrace the "megatrend" of Web3 development, it has established a diverse group of government and industry officials to oversee Web3 progress in the region.
According to a June 30 statement, The Hong Kong government has formed a working group of 15 industry participants and 11 key government officials to oversee the development of Web3, with a particular focus on promoting its growth in an ethical manner. He stated:
โThe Financial Secretary has announced in the 2023-24 Budget the establishment of the Task Force to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong.โ
The Government announces the creation of the Working Group for the Promotion #Web3 Development https://t.co/wrC1DmE2QD
โ Hong Kong SAR Government News (@newsgovhk) June 30, 2023
Paul Chan, Hong Kong's financial secretary, said the task force will only further enhance Hong Kong's goal of being a leader in the Web3 sector.
โHong Kong seeks to lead and drive innovative exploration and development, create more new application models, and strives to bring top-tier companies and talents together in the arena to build a thriving ecosystem,โ Chan stated, adding:
"With the working group bringing together leaders and professionals from the sectors involved, I believe their valuable advice will help Hong Kong become a Web3 hub."
It was noted that the market has "responded favourably" to the Hong Kong government's policy statement on the virtual asset developmentwhich was released in October 2022.
Cointelegraph reported on March 20 that more than 80 companies related to virtual assets have expressed interest in โestablishing its presence in Hong Kongโ since the publication of this statement.
Related: HSBC Launches Cryptocurrency Services in Hong Kong: Report
The Hong Kong government has been actively promoting the region as an attractive location for crypto companies of late.
On June 10, Johnny Ng, a member of the Hong Kong Legislative Council, took to Twitter to extend an invitation to "all global virtual asset trading platforms" to come to Hong Kong and apply for a service provider license. of virtual assets.
He specifically mentioned cryptocurrency exchange Coinbase, amid legal action by the United States Securities and Exchange Commission against the exchange just days earlier, on June 6.
I hereby offer an invitation to welcome all global operators of virtual asset trading, including @coinbase come to HK for the application of official business platforms and further development plans. Please feel free to reach out to me and I will be happy to provide any assistance. pic.twitter.com/bcIi1IjMlc
โ Johnny Ng ๅดๆฐๅบ (@Johnny_nkc) June 10, 2023
This comes after the Hong Kong Securities and Futures Commission (SFC) announced on May 23 that would soon allow Licensed platforms to serve retail investors.
It was noted that virtual asset trading platform operators who wish to adhere to the guidelines proposed by the SFC are encouraged to submit license applications.
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