Hong Kong Sets up Web 3.0 Task Force Led by Financial Secretary Paul Chan

The Hong Kong government has established a task force chaired by Financial Secretary Paul Chan to promote the development of Web3.0.

According to a 30 June statement, the Hong  Kong government is looking to “embrace the megatrend of Web 3.0 development” with the task force comprising 15 non-official members from the relevant market sectors with the participation of key government officials and financial regulators concerned. The term of the non-official members will take effect from 1 July 2023 for two years.

The government issued a policy statement on development of virtual assets in Hong Kong in October 2022, setting out the policy stance and approach towards the sector, to which the market has responded favourably.

As virtual assets are an integral part of a vibrant Web3 ecosystem, the Financial Secretary has announced the establishment of the task force to provide recommendations on the sustainable and responsible development of Web3.0 in Hong Kong.

Paul Chan

Paul Chan

Financial Secretary Paul Chan said,

“Premised on a balance between appropriate regulation and promoting development, Hong Kong seeks to lead and drive innovative exploration and development, create more new application models, and strives to draw together top-notch companies and talent in the arena to build a thriving ecosystem.


With the task force bringing together leaders and professionals in the sectors involved, I believe their valuable advice will help Hong Kong develop into a Web3.0 hub.”

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