Hong Kong Launches Web3 Task Force for Ethical Development

A task force comprising government officials and industry participants in Hong Kong has been established to oversee Web3 development.

Its primary goal is to foster ethical growth within the Web3 sector. On June 30, the government announced the formation of this task force, aligning with the vision of the Financial Secretary for sustainable and responsible Web3 development in Hong Kong.

According to Paul Chan, Hong Kong’s financial secretary, the task force’s establishment will strengthen the city’s prominent position in the Web3 sector.

The Govt announces the establishment of the Task Force on Promoting #Web3 Development https://t.co/wrC1DmE2QD

— Hong Kong SAR Government News (@newsgovhk) June 30, 2023

Chan emphasized Hong Kong’s ambition to innovate, explore new avenues, attract esteemed companies and talented individuals, and cultivate a thriving ecosystem.

He expressed confidence in the task force, comprising leaders and professionals from various relevant sectors, and believed that their valuable insights would contribute to Hong Kong’s emergence as a Web3 hub.

The market has responded positively since the government released a policy statement on virtual asset development in October 2022.

Cointelegraph reported that more than 80 companies involved in virtual assets had expressed interest in establishing a presence in Hong Kong.

The Hong Kong government has been actively promoting the region as an attractive destination for cryptocurrency firms.

On June 10, Johnny Ng, a Hong Kong Legislative Council member, took to Twitter to extend an invitation to global virtual asset trading platforms, urging them to apply for a virtual asset service provider license in Hong Kong.

Specifically, Coinbase was mentioned, coinciding with the United States Securities and Exchange Commission’s recent legal action against the exchange on June 6.

I hereby offer an invitation to welcome all global virtual asset trading operators including @coinbase to come to HK for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to provide any assistance. pic.twitter.com/bcIi1IjMlc

— Johnny Ng 吴杰庄 (@Johnny_nkc) June 10, 2023

Additionally, on May 23, the Hong Kong Securities and Futures Commission (SFC) announced plans to permit licensed platforms to cater to retail investors.

Operators of virtual asset trading platforms who are willing to comply with the SFC’s proposed guidelines are encouraged to submit license applications.

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