Hong Kong will create a working group to promote Web3
Date: 2023-07-03 Author: Karina Ziganova Categories: IN WORLD
The Hong Kong authorities have announced the creation of a working group that will focus on the promotion of Web3. The team will include government officials and regulators, as well as 15 unofficial members, including several industry experts. It will be headed by Hong Kong's financial secretary, Paul Chan, a well-known supporter of cryptocurrencies who has repeatedly stated that Web3 represents a "golden opportunity".
"The blockchain technology behind Web3 has characteristics such as disintermediation, security, transparency, and low cost," he said in a statement. "It is able to solve many of the difficulties and pain points that arise in finance, trade, business transactions, and even in everyday life."
The group will work for 2 years, and its main goal is to provide recommendations for the sustainable and responsible development of Web3 in the region.
Hong Kong's New Crypto Regulations
Despite its proximity to China, which is an ardent opponent of digital asset initiatives within the country, Hong Kong is stubbornly seeking to position itself as an international crypto hub. The region has already submitted guidance for Virtual Asset Trading Platforms (VATPs), and the Securities and Futures Commission (SFC) has published documentation for cryptocurrency companies wishing to operate in the country.
In addition, the Hong Kong Monetary Authority (HKMA) recently announced its intention to lay the groundwork for the introduction of a central bank retail digital currency. The initiative, launched on June 9, aims to explore the benefits of CBDCs as a means of payment for everyday transactions and facilitate customer access to cryptocurrency exchanges.
"Hong Kong is an international financial center and metropolis that attaches great importance to innovation and technology, embracing the megatrend of Web3 development," Chan said. "We want to attract high-end talent and create a thriving ecosystem."
