Hong Kong will incorporate blockchain and Web3 into key sectors to accelerate its development and establish itself as an international financial centre.
The Hong Kong Special Administrative Region government has formed a task force to tackle innovation and lead the development of the next generation of the Internet, known as Web3.
Amid growing interest from governments, especially in Asia, in new technologies, the Hong Kong government reported in a Press release that the new working group will be focused on Provide recommendations on sustainable and responsible development of Web3 within the special administrative region of China.
As highlighted by the government, Hong Kong has adopted a more friendly regulatory policy towards the digital asset industry since last year, with the aim of leading innovation.
Thus, the creation of this new working group for Web3, which is contemplated in the region's budget for the period 2023-2024, according to the Hong Kong government, marks a milestone in its efforts to consolidate itself as an international financial centre and a metropolis of innovation and technology.
Hong Kong to become Web3 hub, says financial secretary
The Hong Kong Web3 Working Group is comprised of both government members and non-official members from various sectors. The group is chaired by Hong Kong's financial secretary, Paul Chan and is made up of 15 members in total. In it, too, Several financial regulators are involved keys to the region.
On the blockchain industry and Web3, Hong Kong's financial secretary acknowledges that these innovations hold great potential that can help the region to strengthen its financial system already solve several problems affecting it. Specifically, Chan mentioned that blockchain and Web3 can help solve many difficulties and weak points existing in finance, trade and business operations. He also highlighted that the disintermediation, security and transparency offered by these new technologies can positively impact everyday life.
Hong Kong's aim with Web3 is to strike a balance between appropriate regulation, which guarantees the protection of participants and investors, and the promotion of new technologies, which will allow the sector to develop in a healthy and sustainable way.
The Web3 Megatrend
Chan also mentioned that the Hong Kong government is striving to bring together top-tier companies and talents in a sandbox that allows for exploring innovation and building a thriving ecosystem to embrace the “megatrend” of Web3 development.
In June, a new licensing regime for digital asset financial service providers came into effect, opening the door for retail investors to trade cryptocurrencies in Hong Kong.
In addition to this, the Hong Kong Research Bureau published a study highlighting the need for the city/region to Leading the development of the next generation of the Internet to position itself as an international benchmark for innovation, amid the growing interest that new technologies and Web3 have sparked in East Asia.
Continue reading: Hong Kong begins a new chapter for cryptocurrencies in China
