• Finance secretary for Hong Kong, Chan has been vocal in his support for cryptos.
• Hong Kong has been striving to be a Web3 leader for some time now.

The Hong Kong government has formed a task team to advocate for Web3 innovation. Late on Friday, the Government of the Hong Kong Special Administrative Region issued a press release announcing a new policy that would go into force today.

Paul Chan, the finance secretary of Hong Kong, and other government officials and regulators will lead the committee for its duration of two years. There are a number of specialists in relevant fields among the task force’s 15 unofficial members.

Grabbing the Golden Opportunity

As finance secretary for Hong Kong, Chan has been vocal in his support for cryptocurrencies, saying earlier this year that the city should grab the “golden opportunity” presented by Web3. He said that blockchain technology is what makes Web3 possible, and that it has properties such as disintermediation, security, transparency, and cheap cost.

Hong Kong has been striving to be a Web3 leader for some time now, and in 2022 they finally released their formal policy statement on Virtual Assets. Following the announcement, markets welcomed this approach, prompting the establishment of the task group, which will be responsible for recommending measures to ensure the long-term viability and social responsibility of Web3 in the area.

While there is no universally agreed-upon definition of Web3, most people think of it as a decentralized, next-generation internet.

Hong Kong has been working hard to become a crypto center, despite its proximity to China, which has been a strong adversary to digital asset efforts. Earlier this month, the territory released its Virtual Asset Trading Platform (VATP) guidebook, providing Web3 businesses with a transparent set of standards by which to operate.

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