Hong Kong is committed to using Web3 technology, so much so that a committee of corporate and government officials was established to track the industry’s development in the region.
Hong Kong is taking a proactive approach to the development of Web3, establishing a task force to oversee its growth and ensure that it is done ethically. Various stakeholders, including members of the government and business leaders, make up the task force.
According to Chan, the task force will be essential to accomplishing Hong Kong’s commitment to becoming a market leader in the Web3 industry.
Hong Kong is dedicated to setting the standard for Web3 development and is trying to establish a robust environment that will draw elite businesses and talent.
The market has responded well to the Hong Kong government’s policy statement on the development of virtual assets, which was published in October 2022.
Hong Kong is positioning itself as a hub for crypto firms, with several recent initiatives aimed at attracting investment and talent.
A legislator from Hong Kong invited Coinbase and other cryptocurrency exchanges to open up shop in the area, boasting about the city’s liberal stance on cryptocurrencies.