The Hong Kong Government announced the establishment of the 'Task Force to Support Web3 Development'.

Headed by the Minister of Finance in the country, the Task Force consists of 15 informal members from relevant market sectors, as well as government officials and relevant financial regulators.
The term of office of the unofficial members will be valid for two years from 1 July 2023.
Finance Minister Paul Chan said:
“The blockchain technology that forms the basis of Web3 has features such as disintermediation, security, transparency and low cost. It has the potential to solve many challenges and hotspots in finance, commerce, business operations and even everyday life.
Hong Kong is an international financial center and metropolis that values innovation and technology and embraces the megatrend of Web3 development.
Based on the balance between appropriate regulation and fostering development, Hong Kong aims to lead and drive innovative discovery and development, create more new application models, and bring together world-class companies and talent in the field to build a thriving ecosystem.
I believe the valuable advice of the Task Force, which brings together leaders and professionals from relevant industries, will help Hong Kong become a Web3 hub.”
Hong Kong published its Policy Statement on the Development of Virtual Assets in the country in October 2022, revealing its policy stance and approach towards the industry to which the cryptocurrency market has responded positively.
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