- Hong Kong has established a task force dedicated to Web3.
- The task force, which officially began its duties on July 1, is comprised of 15 unofficial members selected from within the industry.
- The task force will be chaired by Hong Kong’s Finance Minister and will focus on the development of “virtual assets” and the pivotal role of Web3 in this area.
Hong Kong has taken a significant step in the field of cryptocurrency by setting up a task force focused on Web3. The group, led by the Finance Minister, will explore the development of virtual assets and the role of Web3 in this sector.
Hong Kong’s Leap into Web3
As of June 1, Hong Kong has been making waves in the global arena by implementing new cryptocurrency laws. Now, the city has announced the formation of a task force focused on Web3. This group, which officially began its operations on July 1, consists of 15 members selected from within the industry. The tenure of these members has been announced to be two years for now.
Leadership and Focus of the Task Force
The newly formed task force will be led by Hong Kong’s Finance Minister. In the announcement, the importance of the development of “virtual assets” was highlighted, with Web3 playing a crucial role in this area. The task force members will evaluate suggestions and recommendations from within the industry and relay them to the minister.
Finance Minister on Blockchain Technology
Speaking on the subject, Finance Minister Paul Chan emphasized the importance of blockchain technology, which forms the foundation of Web3 features. He stated that blockchain technology offers decentralization, security, transparency, and cost reduction. It also solves many problems in the finance world. As a hub of innovation and technology, Hong Kong is a critical region for these developments. The city aims to strike a balance between supporting development and providing a certain degree of regulation, allowing Web3 to progress in the region.
