Gov’t forms Web3 development task force

Amongst members of the task force is Animoca Brands’ co-founder Yat Siu.

The government has established a task force that will promote the development of Web3.

The task force comprises 15 non-official members from the relevant market sectors, with the participation of key government officials and financial regulators. The non-official members will serve for two years starting July 1.

Amongst members of the task force is Animoca Brands’ executive chairman and co-founder Yat Siu.

“The Task Force firmly establishes Hong Kong as the leading example of a mature and highly modernized economy that embraces the remarkable opportunities presented by Web3, blockchain, virtual assets, and the open metaverse. I believe that the work of the Task Force will help to shape not only Hong Kong but also globally in the adoption of blockchain technologies, particularly in the areas of regulation, ecosystem building, industry development,  and talent development,” Siu said.

 Financial Secretary Paul Chan said Hong Kong formed the task force to “ lead and drive innovative exploration, create more new application models, and strive to draw together top-notch companies and talent 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 hub," he added.

The task force will be responsible for explaining the blockchain technology underpinning Web3 features characteristics in respect of disintermediation, security, transparency and low cost.