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Public-Private Joint Web3 Task Force Launched
On June 30, the Hong Kong government announced the establishment of the Web3 Development Promotion Task Force.
The Hong Kong government has long recognized crypto assets (virtual currencies) as an important element of the Web3 ecosystem, and has said that it will form a task force in the 2023-24 budget led by Secretary of the Treasury Paul Chan.
A task force is a specialized group organized to tackle a specific topic. Government task forces bring together ministries and agencies to pool their expertise and resources to achieve specific goals.
This time, it will be attended by 15 informal members from relevant market sectors, as well as key Hong Kong government officials and relevant financial regulators. The term of unofficial members is two years from July 1, 2023.
Among the official members of the government side, mainly the following persons were mentioned.
- Financial Services and Treasury Secretary
- Undersecretary for Innovation, Technology and Industry
- Government Chief Information Officer
- Invest Hong Kong Investment Promotion Director
- Hong Kong Monetary Authority
- Securities and Futures Commission CEO
- Insurance Authority CEO
From financial regulators, it can be seen that various authorities such as securities futures, insurance, and information will work together to promote Web3.
What is Web3
The current centralized web is defined as Web2, and refers to an attempt to realize a non-centralized network using blockchain. A typical feature is the use case of decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.
Cryptocurrency Glossary
Treasury Secretary Paul Chan said that blockchain technology has the potential to solve many problems encountered in finance, trade and business, characterized by “intermediary elimination, security, transparency and low cost”. pointed out that the
Hong Kong is also an innovation-focused international financial center and a metropolis that embraces the big trend of the Web3.
On the premise of a balance between proper regulation and promotion of development, Hong Kong will lead and promote innovative exploration and development, and generate more new cases of implementation.
We will also strive to build a prosperous ecosystem by gathering top-notch companies and human resources in the Web3 field.
He added that the task force will include industry leaders and experts in relevant fields to advise the government and help Hong Kong develop as a Web3 hub.
Web3 and virtual currency policies in Hong Kong
The Hong Kong government has secured approximately 900 million yen (HK$50 million) in the 2023-2024 budget to promote the development of the Web3 ecosystem. The budget is allocated to Cyberport, a startup support program for tech companies wholly owned by the Hong Kong government.
As of the end of November last year, about 80 blockchain and cryptocurrency companies are based in Cyberport.
connection: Hong Kong is motivated to promote Web3 development Research on examples of Japan and UAE
Handbook for cryptocurrency traders
Hong Kong, which is also focused on cryptocurrencies, just released a handbook for cryptocurrency trading platforms in early June.
It aims to strengthen the responsibility of operators of virtual currency exchanges, and clarifies the existence of “regulated persons” such as directors and responsible officers. Those individuals will have to pass an aptitude test according to the new rules.
The handbook also says companies “actively marketing to Hong Kong residents” will also be subject to scrutiny by Hong Kong regulators. It also includes guidelines for whether cryptocurrency companies need to obtain a license in Hong Kong.
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