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Hong Kong Establishes Task Force to Guide Web3 Development with Focus on Ethics

July 2 (Cointime) - Hong Kong has formed a task force consisting of 15 industry participants and 11 government officials to oversee the development of Web3 and provide guidance on ethical aspects. The task force was established as part of Hong Kong's commitment to embrace the "megatrend" of Web3 development and aims to make Hong Kong a leader in the sector. The government's policy statement on the development of virtual assets in Hong Kong, issued in October 2022, has received a favorable response from the market, with over 80 virtual asset-related companies expressing interest in establishing their presence in Hong Kong. The Hong Kong Securities and Futures Commission (SFC) has also announced that it will soon allow licensed platforms to cater to retail investors, encouraging operators of virtual asset trading platforms to submit license applications.

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