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Hong Kong sets up task force to advance Web3 development

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As part of Hong Kong’s continued commitment to embrace the “megatrend” of Web3 development, Hong Kong has established a diverse group of industry and government officials to oversee the progress of Web3 in the region.

According to a June 30 statement, The Hong Kong government has formed a task force 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:

“The Financial Secretary 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.”

Paul Chan, Hong Kong’s Financial Secretary, said the task force will only reinforce Hong Kong’s goal of being a frontrunner in the Web3 industry.

“Hong Kong seeks to lead and stimulate innovative exploration and development, create more new application models, and strive to bring together top-notch companies and talents in the field to create a thriving ecosystem,” Chan said, adding:

“With the working group bringing together leaders and professionals from relevant industries, I believe their valuable advice will help Hong Kong become a Web3 hub.”

It was pointed out that the market has “reacted positively” to the Hong Kong government’s policy statement on the development of virtual assets, which was released in October 2022.

Cointelegraph reported on March 20 that more than 80 virtual asset-related companies have expressed interest in “establishing their presence in Hong Kong” since the statement was released.

Related: HSBC rolls out cryptocurrency services in Hong Kong: report

The Hong Kong government has been actively promoting the region as an attractive location for crypto businesses in recent times.

On June 10, Johnny Ng, a member of Hong Kong’s Legislative Council, took to Twitter to invite “all global virtual asset trading platforms” to come to Hong Kong and apply for a trading service provider license. virtual assets.

He specifically mentioned the Coinbase crypto exchange, amid the United States Securities and Exchange Commission filing a lawsuit against the exchange days earlier on June 6.

This comes after the Hong Kong Securities and Futures Commission (SFC) announced on May 23 that it will soon allow licensed platforms to cater to retail investors.

It was stated that operators of virtual asset trading platforms willing to adhere to the guidelines proposed by the SFC are encouraged to submit license applications.

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