Business News Report
July 03, 2023

Hong Kong’s Ambitious Web3 Development Task Force

In a significant move towards becoming a global hub for cryptocurrency and blockchain technology, the Hong Kong Government recently announced the establishment of a Web3 Development Task Force. This team will focus on promoting the growth of Web3, with a particular emphasis on ethical development.

Hong Kong's Ambitious Web3 Development Task Force

Comprising 15 industry participants and 11 key government officials, including Hong Kong’s Financial Secretary, Paul Chan, the task force also includes 15 non-official members drawn from industry experts. The task force will operate over a two-year period to fulfill its mandate.

Chan, a staunch advocate for cryptocurrency and blockchain technology, believes that HK should leverage the “golden opportunity” presented by Web3. He is optimistic about Hong Kong’s potential to lead and drive innovative exploration and development, creating new application models.

Chan stated, “Hong Kong aims to lead in innovative exploration and development.” He added, “We seek to create new models and build a thriving ecosystem.”

The market has positively responded to the HK Government’s efforts. Since October 2022, over 80 crypto-related firms have shown interest in HK.

The government has also invited global trading platforms to apply for a virtual asset license, which enhances Hong Kong’s appeal. HK Legislative Council member Johnny Ng extended this invitation. This proactive approach to virtual asset trading comes in the wake of the United States Securities and Exchange Commission’s legal action against Coinbase.

Hong Kong is a Next Crypto Hub

In line with its goal of becoming a cryptocurrency haven, HK implemented its new regulatory framework for crypto last month. This new framework allows retail investors to trade virtual assets, moving away from the previous rule that restricted digital assets trading to professional investors and traders with at least $1 million in bankable assets.

The Securities and Futures Commission (SFC) of HK will also start providing licenses to crypto exchanges, further solidifying the region’s position as a promising destination for crypto companies.

The improved regulations have attracted major crypto firms. US-based Circle is watching HK’s crypto policies closely. Circle CEO, Jeremy Allaire, commented on HK’s market influence. He said, “Hong Kong’s progress might guide the growth of Greater China’s markets.”

The HK Government is pushing for a robust crypto and blockchain ecosystem. These developments could position HK as a leading global crypto hub.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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