Hong Kong Sets Up Task Force for Web3 Development
Hong Kong wants to be a Web3 hub , Financial Secretary Paul Chan said.
The Hong Kong government established a task force for promoting development, according to on Friday.
The task force is being chaired by Financial Secretary Paul Chan and comprises 15 non-official members from relevant sectors and key government officials along with financial regulators will participate. Animoca Brands chairman Yat Siu that he would be joining the task force.
"The blockchain technology that underpins crypto is secure, transparent, low cost and has the potential to solve many difficult problems in finance, business operations and trade," Chan said in the press release.
The government said it would designate $6.4 million (HK$50 million) in February to and also announced its plan to set up the Web3 task force then.
UPDATE (July 3, 2023, 12:42 UTC): Adds to paragraph five that the Web3 task force was first announced in February.
Edited by Parikshit Mishra.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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