Hong Kong establishes a new task force on promoting Web3

Hong Kong authorities established a new team to push the promotion & adoption of blockchain & Web3 technology in the jurisdiction of Hong Kong.

Web3 is the next-level concept of the internet world. Experts believe that in the upcoming years, people will use Web3-based tools & platforms to interact with the Internet world. In the present time, almost every Web3 developer is considering the use of blockchain technology to bring the best version of the Web3 era.

Recently Hong Kong announced the establishment of a new team. The new team will mainly focus on the development, promotion, & adoption of Blockchain Web3 solutions. 

This new task force will be chaired by the Financial Secretary and Interestingly 15 non-official members will also contribute. These non-official members will be from relevant sectors (e.g. blockchain, Crypto, Web3, Fintech, etc).

The involvement of official & non-official members in the task force will also bring a better situation for the regulatory bodies to bring friendly rules & regulations between regulatory bodies & corresponding companies in Hong Kong.

Hong Kong & Crypto 

A couple of years ago the government of Hong Kong banned crypto trading for retail investors but later in June of this year, they brought new rules & regulations to allow retail investors to participate in the crypto sector.

Because of the proper clear rules & regulations, huge numbers of crypto companies showed their interest to expand their crypto business under the roof of Hong Kong jurisdiction.

It is interesting to note that Hong Kong is a special administrative region of China. In mainland China, crypto trading or related every kind of activity is fully banned since 1 Jan 2022. 

Interestingly Chinese government officials also supported Hong Kong in the crypto adoption & regulation plan. Hong Kong officials said that the introduction of proper & clear rules for the crypto sector will bring better opportunities for the Chinese population to get employment in this innovative sector.

Read also: Report claims Polygon network hacked

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