In a strategic push to accelerate its digital transformation, Hong Kong’s government announced the establishment of a dedicated Task Force to promote Web3 development on Friday. However, The task force, led by the Financial Secretary, Mr. Paul Chan, includes 15 non-official members from relevant market sectors and is mandated to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong​.

According to the announcement, the move is seen as a continuation of Hong Kong’s proactive approach towards digital innovation. The territory had previously issued a Policy Statement on the Development of Virtual Assets in October 2022, demonstrating its commitment to fostering a dynamic Web3 ecosystem​.

 Embracing the ‘golden opportunity’ of Web3 amid global uncertainties

In contrast to its geographically close neighbor China’s stringent stance on digital assets, Hong Kong has taken a decidedly pro-crypto position. Mr. Paul Chan referred to the development of Web3 as a “golden opportunity,” highlighting the potential of blockchain technology to solve difficulties in various fields, including finance, trade, and business operations​.

Further evidence of Hong Kong’s commitment to digital innovation is the recent introduction of the Virtual Asset Trading Platform (VATP) handbook. However, this comprehensive guide provides clear guidelines for Web3 companies interested in setting up operations in the territory​.

The task force’s guidance will be crucial in shaping the territory’s Web3 development trajectory, and its success could serve as a blueprint for other regions. Amid the global uncertainties surrounding the adoption of digital assets, Hong Kong is carving its own path, demonstrating its resilience and commitment to innovation​.