A recent news report stated that the Hong Kong government had created a task force to improve the Web3 space. In addition, the task force would be responsible for giving advice on how to responsibly develop and sustain the web3 space in the city.

According to the report, the Hong Kong government is keen on embracing the massively increasing Web3 industry. Hence, it appointed a set of officials to monitor the safe growth of Web3 space in the city.

Furthermore, the report revealed that the government of Hong Kong announced the new development in a recent official statement made by the Financial Secretary. According to the statement, the task force consists of 15 industry members and 11 vital government agents.

Jointly, they would monitor and oversee the growth of Web3. Furthermore, they are responsible for facilitating the development of the sector in a responsible and ethical manner in order to mitigate the risks associated with it and protect customers.

In addition, the Financial Secretary of Hong Kong, Paul Chan, stated that the committee would also be responsible for nurturing and facilitating the primary goal of Hong Kong, which is to become a reckoning force and global frontrunner of the Web3 and crypto industries.

Hong Kong Aimed To Create. A Global Crypto And Web3 Hub

Chan added that it is no news that Hong Kong strives to become a leader, driving innovative ventures and growth, creating new apps, and bringing together top-profile firms and talents around the globe to establish a versatile and thriving financial and technological ecosystem.

The Financial Secretary believed that since the Task Force includes experts and leaders in several industrial sectors, they should be able to give valuable advice that would help the Hong Kong government to build its dream Web3 hub.

Meanwhile, other reports showed that the crypto market responded positively to the policy statement on the growth of digital assets, which the Hong Kong government released in October last year.

Furthermore, the report showed that about 80 digital asset firms stated their interest in building their businesses in Hong Kong after the statement was revealed.

In addition, the city’s government has been incessantly working to present the city as an enticing and friendly environment for crypto entities recently.

A Hong Kong Lawmaker, Jonny Ng, reportedly tweeted on June 10, encouraging and inviting digital assets trading platforms to obtain VASP permits and establish their business in the region.

The tweet reportedly surfaced days after the Securities and Futures Commission of Hong Kong revealed that it would allow registered exchanges to offer retail crypto trading services to customers soon.

During the announcement, SFC stated that any trading platform that is ready to comply with its proposed rules should apply for its operation license.