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Hong Kong Government Establishes Web3 Development Task Force to Promote Ethical Growth

July 3 (Cointime) -The Hong Kong Government has established a Web3 Development Task Force to promote the growth of Web3 with a focus on ethical development. Comprised of 15 industry participants and 11 government officials, including the financial secretary, the task force aims to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong.

The government has actively promoted the region as an attractive destination for cryptocurrency companies, with over 80 virtual asset-related companies expressing interest in establishing their presence in Hong Kong since its policy statement on virtual assets in October 2022. The improving regulatory environment in Hong Kong has caught the attention of some of the biggest crypto companies, including stablecoin issuer Circle.

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