Hong Kong Creates Task Force to Drive Web3 Development

Hong Kong Creates Task Force to Drive Web3 Development

Altcoin news, News

The local government of Hong Kong has taken a significant step to promote the development of Web3 by announcing the establishment of a dedicated task force.

This announcement was made through an official press release from the Government of the Hong Kong Special Administrative Region on Friday.


The Task Force on Promoting Web3 Development consists of a diverse group of 15 industry participants and 11 government officials. Their main responsibility will be to oversee the development of Web3 in the region and highlight the government’s dedication to embracing this digital “megatrend”.

The government emphasized the distinct characteristics of blockchain technology that underlie Web3, including disintermediation, security, transparency, and cost-effectiveness.

For years, Hong Kong has been striving to establish itself as a leader in Web3 development. In 2022, the government released an official policy statement on Virtual Assets (VAs), a move that was well-received by the market. VAs play a vital role in a thriving Web3 ecosystem.

The creation of this task force is a significant milestone in Hong Kong’s pursuit of becoming a global leader in Web3 development, showcasing its commitment to embracing and advancing blockchain technologies.

Compiled by Coinbold

blockchain, Web3