As part of Hong Kong’s continued commitment to embracing the ‘megatrend’ of Web3 development, Hong Kong has established a diverse group of industry and government officials to oversee the progress of Web3 in the region.
According to a report dated June 30, statement, The Hong Kong government has established a task force of 15 industry insiders and 11 key government officials to oversee the development of Web3, with a particular focus on promoting growth in an ethical manner. Did. There it was stated:
“The Secretary of the Treasury has announced the establishment of a task force in Budget 2023-24 to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong.”
— Hong Kong Special Administrative Region Government News (@newsgovhk) June 30, 2023
Hong Kong’s Finance Minister Paul Chan said the task force would only further strengthen Hong Kong’s goal of becoming a front-runner in the Web3 space.
“Hong Kong strives to lead and promote innovative exploration and development, create more new application models, and build a thriving ecosystem by bringing together top-notch enterprises and talents in the field.” Chan said, adding:
“With a special committee of leaders and experts from relevant departments, we believe their valuable advice will help Hong Kong develop as a Web3 hub.”
It was highlighted that the market is “reacting positively” to the Hong Kong government’s policy statement on virtual asset development announced in October 2022.
Cointelegraph reported on March 20 that since the release of the statement, more than 80 crypto-related companies have expressed interest in “establishing a presence in Hong Kong.”
Related: HSBC rolls out cryptocurrency services in Hong Kong: Report
The Hong Kong government has recently been aggressively promoting the region as an attractive location for cryptocurrency companies.
On June 10, Johnny Ng, a member of the Hong Kong Legislative Assembly, took to Twitter to call on “global virtual asset trading platforms” to come to Hong Kong to apply for a virtual asset service provider license.
He specifically referred to cryptocurrency exchange Coinbase a few days ago on June 6, as the US Securities and Exchange Commission took legal action against the exchange.
I hereby invite all global crypto asset trading operators to welcome, including: @coinbase Coming to Hong Kong for official trading platform application and further development plans. Please feel free to contact us. I will be happy to help you. pic.twitter.com/bcIi1IjMlc
— Johnny Ng Wu Jie Zhuang (@Johnny_nkc) June 10, 2023
This comes after the Hong Kong Securities and Futures Commission (SFC) announced on May 23 that it would soon allow a licensed platform for retail investors.
Operators of virtual asset trading platforms willing to follow the guidelines proposed by the SFC are said to be encouraged to submit license applications.
magazine: How Smart People Invest in Stupid Meme Coins: A 3-Point Plan for Success