In order to actively embrace the emerging “megatrend” of Web3 development, Hong Kong maintains a strong commitment and has taken initiatives to monitor and regulate its progress. To accomplish this, an inclusive collective consisting of both industry experts and government officials has been formed to oversee the advancement of Web3 in the region.

According to an official statement released on June 30, Hong Kong’s government established a task force that consists of 15 representatives from various industries along with 11 key government officials.

The main objective is to ensure the responsible development of Web3 while promoting its growth in a manner that upholds ethical standards.

Chan’s Vision For Hong Kong

According to Hong Kong’s Financial Secretary, Paul Chan, the task force will contribute to Hong Kong’s goal of becoming a frontrunner in the Web3 sector.

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Chan stated that the city aims to take the lead in innovative exploration and development while bringing together top-notch companies and talent in order to create a thriving ecosystem.

He believes that with the Task Force comprising leaders and professionals from relevant sectors, their valuable advice will assist Hong Kong in becoming a hub for Web3.

It was emphasized that the market has responded positively to the government policy statement on virtual asset development released by Hong Kong in October 2022.

Over 80 companies engaged in virtual assets have reportedly shown interest in establishing their presence in the city since the release of the statement.

Promotion Of Crypto Firms And SFC’s Regulatory Initiatives

In recent times, the Hong Kong government has made a proactive effort to present the region as an appealing destination for crypto companies.

Related Reading: Hong Kong Rating Agency Adds DOGE, XRP, ADA, SHIB, Others To Crypto Index

On June 10, Johnny Ng, a member of the Legislative Council in the city, utilized Twitter as a means to invite “all global virtual asset trading platforms” to consider coming to the city and apply for authorization as virtual asset service providers. Interestingly enough, he specifically mentioned Coinbase in his invitation.

Coincidentally, just days prior on June 6, the United States Securities and Exchange Commission had taken legal action against that very exchange.

This development follows an announcement made by Hong Kong’s Securities and Futures Commission (SFC) on May 23 stating that they would soon permit licensed platforms to cater their services to retail investors.

Consequently, it was emphasized that those who operate virtual asset trading platforms and are willing to abide by SFC’s proposed guidelines are highly encouraged to submit applications for licensing approval.