On 30 June, the Hong Kong government announced the creation of a dedicated group to promote Web3. The information is described in a press release.
The group began work on 1 July. It comprises 15 experts from various market sectors, chaired by Hong Kong’s Financial Secretary Paul Chan, together with specialists from financial regulators and representatives from the government of the Special Administrative Region.
The primary task of the experts on the target group is to provide recommendations for the sustainable development of Web3 in Hong Kong.
“Blockchain technology underlying Web3 is characterised by disintermediation, security, transparency and low cost,” said Paul Chan.
In his view, these features will help address many challenges arising in finance, trade, business operations and everyday life.
Earlier in January 2023, Paul Chan spoke of the jurisdiction’s ambition to attract companies from the crypto industry worldwide.
In April, the Hong Kong Financial Secretary confirmed the course for further development and promotion of the Web3 ecosystem.