Hong Kong Creates a Task Force for Web3 Development

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The Hong Kong government declared on June 30 the creation of a 15-expert task force, headed by Financial Secretary Paul Chan, to promote the development of Web3.

The group, which has personnel from various market sectors and the Hong Kong government, started work on July 1.

Their mission is to provide recommendations for a sustainable implementation of Web3 in the region.

Paul Chan stated that the blockchain technology underlying Web3 is disintermediated, secure, transparent, and low-cost, which makes him optimistic about the technology’s capacity to overcome the difficulties posed by finance, trade, business transactions, and everyday life.

His acclamation was a re-affirmation of the indications he made in January 2023 that the jurisdiction had an intention to welcome crypto companies from all over the world, and of his confirmation in April regarding his intentions to push for a further development of the Web3 ecosystem.