As part of Hong Kong’s ongoing commitment to embrace the “megatrend” of Web3 development, it has formed a diverse group of industry and government officials to oversee the progress of Web3 in the region.

According to June 30 declaration, the Hong Kong government formed a task force of 15 industry participants and 11 key government officials to oversee the development of Web3, with a particular focus on providing advice on its ethical aspects. It stated:

“The Finance Minister announced in Budget 2023-24 the establishment of a taskforce to make recommendations on the sustainable and responsible development of Web3 in Hong Kong.”

Paul Chan, Hong Kong’s financial secretary, said the task force will only further strengthen Hong Kong’s goal of becoming a pioneer in the Web3 sector.

“Hong Kong strives to lead and drive innovative research and development, create more new application models, and strive to bring together top companies and talents in the arena to build a thriving ecosystem,” Chan said, adding:

“As the task force brings together leaders and professionals in the respective sectors, I believe their valuable advice will help Hong Kong develop into a Web3 hub.”

It was highlighted that the market had “reacted favourably” to the government’s release of its policy statement on development of virtual assets in Hong Kong in October 2022.

Cointelegraph reported on March 20 that more than 80 virtual asset-related companies they showed interest in “establishing their presence in Hong Kong” since the issuance of this statement.

Related: HSBC Launches Cryptocurrency Services in Hong Kong: Report

This comes amid efforts by the Hong Kong government to push for cryptocurrency adoption.

This was announced by the Hong Kong Securities and Futures Commission (SFC) on May 23. will soon allow licensed platforms for retail investors.

It said virtual asset trading platform operators willing to comply with the SFC’s proposed guidelines are encouraged to apply for licences.

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