The Hong Kong government has announced the creation of a task force to promote Web3. This group will be made up of 15 informal members, including several professionals in the field, as well as representatives of the authorities and regulators. The chairman of this group is Paul Chan, Hong Kong's finance minister, who is a well-known supporter of cryptocurrencies and has often said that Web3 is a "golden opportunity".
He noted that Web3 blockchain technology offers benefits such as disintermediation, security, clarity and accessibility. In addition, he noted that it can solve many difficulties and problems related to finance, business transactions and even everyday tasks.
This group will operate for two years and its main objective will be to provide advice for the responsible and sustainable growth of Web3 in the region.
Hong Kong is working to establish itself as a major cryptocurrency hub at the global level. Regulations for virtual asset trading platforms (VATPs) have already been developed here, and the Securities and Futures Commission (SFC) has created guidelines for crypto companies that want to do business in the region.
Moreover, on June 9, the Hong Kong Monetary Authority (HKMA) announced its aim to develop the prerequisites for the introduction of a central bank retail digital currency. The initiative aims to assess the benefits of CBDC as a tool for everyday payments and make it easier for customers to access cryptocurrency exchanges.
"Hong Kong is an international financial centre and metropolis where innovation and technology are highly valued; we support the development of Web3. We want to attract talent and create a thriving environment," said Paul Chan.