Hong Kong’s local government has made a significant move to promote Web3 development by announcing the establishment of a dedicated task force.Â
This announcement was made public through an official press release from the Government of the Hong Kong Special Administrative Region late Friday.
The Task Force on Promoting Web3 Development comprises a mixture of 15 industry participants and 11 government officials. This team will be tasked with overseeing the evolution of Web3 in the region, underscoring the government’s commitment to embracing this digital “megatrend”.
The government emphasized the unique characteristics of the blockchain technology that underpins Web3, such as its disintermediation, security, transparency, and cost-effectiveness.
Hong Kong has been striving for years to secure a prominent position as a leader in Web3 development. The government previously announced an official policy statement on Virtual Assets (VAs) in 2022, a move that was positively received by the market. VAs form an integral part of a vibrant Web3 ecosystem.
The establishment of this task force signifies a substantial step in Hong Kong’s drive to become a global leader in Web3 development, demonstrating its commitment to embracing and advancing blockchain technologies.
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