Hong Kong aims for economic growth with Web3


July 3, 2023


Olumide Adesina

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The Hong Kong government has now set up a Web3 development task force as part of the city-state's efforts to capitalize on cryptocurrency-related growth potential.

The task force, led by Treasury Secretary Paul Chan, has 15 unofficial members. These members include university professors, key government officials and financial regulators and represent the joint efforts of various sectors.

Treasury Secretary Chan praised the potential of blockchain at the heart of Web3, saying in a statement that its properties "open the door to unprecedented innovation in areas such as elimination of middlemen, security, transparency, and cost efficiency." rice field.

The idea is that Web3 can address and overcome challenges in areas such as finance, commerce, business operations, and even everyday life.

Prominent members of the Task Force include the CEO of the Hong Kong Monetary Authority (Central Bank), the CEO of the Securities and Futures Commission, and the CEO of the Hong Kong Exchange and Clearing. Yat Siu, chairman of Metaverse company Animoka Brands, is also an “unofficial” member.

Chan said Hong Kong aims to become an important part of the Web3 environment, supporting businesses and talent as part of the local ecosystem.

Hong Kong released a policy statement on the future of crypto assets (called “virtual assets”) last October.

Moving on to the 2023-24 budget announcement in February, the Treasury Secretary announced the creation of a virtual asset development task force, including members of relevant policy offices. This special committee is now in effect.  Hong Kong is once again trying to establish itself as a crypto hotspot. And while still in its early stages, global cryptocurrency exchanges such as Huobi, OKX, and BitMEX recently announced their intention to set up shops in the region.