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Policy

Hong Kong Sets Up Task Force for Web3 Development

Hong Kong wants to be a Web3 hub , Financial Secretary Paul Chan said.

By Camomile Shumba
AccessTimeIconJul 3, 2023 at 11:10 a.m. UTC
Updated Jul 6, 2023 at 3:50 p.m. UTC
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The Hong Kong government established a task force for promoting Web3 development, according to a press release on Friday.

The task force is being chaired by Financial Secretary Paul Chan and comprises 15 non-official members from relevant sectors and key government officials along with financial regulators will participate. Animoca Brands chairman Yat Siu announced on Monday that he would be joining the task force.

"The blockchain technology that underpins crypto is secure, transparent, low cost and has the potential to solve many difficult problems in finance, business operations and trade," Chan said in the press release.

The government said it would designate $6.4 million (HK$50 million) in February to develop its Web3 ecosystem and also announced its plan to set up the Web3 task force then.

UPDATE (July 3, 2023, 12:42 UTC): Adds to paragraph five that the Web3 task force was first announced in February.

Edited by Parikshit Mishra.


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Camomile Shumba
Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Follow @camomileshumba on Twitter

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