- Hong Kong has established a Web3 Task Force, which includes Yat Siu, CEO of Animoca Brands among its 15 members.
- The Task Force, which will operate under the finance minister, will not hold any official government roles but will be able to communicate directly with the minister and other government officials.
- The initial term of the Task Force has been set for two years, starting from July 1.
Hong Kong’s Web3 Task Force: A Step Towards Crypto Regulation
As part of its progressive approach towards cryptocurrencies, Hong Kong has established a Web3 Task Force. This group, which includes some prominent names from the crypto industry, is set to play a significant role in shaping the future of digital currencies in the region.
Task Force Composition
One of the notable members of this 15-person task force is Yat Siu, the CEO of Animoca Brands. This company is known for its investments from numerous American venture capitalists and for being the driving force behind the metaverse project, Sandbox. The official Twitter account of Animoca Brands confirmed Siu’s participation in the task force.
Role and Responsibilities
The task force will operate under the finance minister, but it’s important to note that the members will not hold any official government roles. However, they will have the ability to communicate directly with the minister and other government officials. This direct line of communication is expected to facilitate the task force’s mission and allow for a more efficient execution of their duties.
Task Force’s Term and Expectations
The initial term of the task force has been set for two years, starting from July 1. During this period, the task force is expected to make significant strides in shaping the future of cryptocurrencies, Web3, and the metaverse in Hong Kong. Siu expressed his excitement about being part of the task force and emphasized that the group’s work will not only impact Hong Kong but will also influence global regulations and the advancement of blockchain technologies.
