• The Hong Kong government has established a web3 task force to develop guidelines for the ethical and sustainable growth of cryptocurrency in the region.
• The task force is composed of 15 representatives from applicable market sectors, along with key governmental officers and financial regulators.
• Financial Secretary Paul Chan expressed his support for blockchain technology and its potential benefits in various industries.
Hong Kong Government Establishes Web3 Task Force
The Hong Kong government has created a web3 task force, composed of various market sector representatives and government officials, to draft guidelines for the ethical and sustainable growth of cryptocurrency within the region. Led by Financial Secretary Paul Chan, the group is made up of 15 non-official members plus relevant government officers and financial regulators. This initiative will be active over an initial two year period beginning July 1st 2023.
Government’s Policy Direction
This new committee represents a further step in the Hong Kong government’s policy direction, following the publication of their policy statement on the development of virtual assets in October 2022. In this statement they outlined their attitude towards virtual asset sectors as well as strategies for its healthy growth. The Financial Secretary also commented on blockchain technology that forms the basis of web3 outlining its unique features such as disintermediation, security, transparency and low cost which could potentially transform many areas including finance, commerce, business processes and daily living.
Financial Secretary’s Support
In his 2023-2024 budget speech Mr Chan spoke about developing a web3 ecosystem as well as forming a task force dedicated to virtual asset development; this was reiterated in a recent report expressing worry over Hong Kong falling behind other countries when it comes to innovation surrounding digital assets . Mr Chan expressed his support for blockchain technology stating its potential benefit s to many areas including finance , commerce , business processes , daily life etc .
Task Force Aim
The aim of this task force is to develop suitable regulations while also promoting cutting edge exploration and development which will create an vibrant ecosystem full of premier firms and talent in this sector . The objective is to make sure all stakeholders are protected while allowing room for innovation at the same time .
In conclusion , The Hong Kong administration has set up this task force with aims towards driving ethical and sustainable growth within cryptocurrency markets while fostering innovation through supporting premier firms and talent within this space . With Financial Secretary Paul Chan’s support , it looks like Hong Kong is handling digital assets responsibly while still promoting their advancement .