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As the US intensifies pressure on its own crypto and Web3 companies, Asia is striving to reinforce its market share. Some US politicians are uncomfortable with this situation, and objections are now being voiced loudly in the House of Representatives. So, what steps is Hong Kong taking to overtake the US further?
Hong Kong and Web3
As part of Hong Kong’s ongoing determination to embrace the “mega trend” of Web3 development, the region has formed a diverse group of industry and government officials to oversee the progression of Web3.
According to an announcement made on June 30, the Hong Kong government has created a task force comprised of 15 sector participants and 11 key government officials to monitor the development of Web3, with a specific goal of promoting its ethical growth.
The announcement stated:
“The Financial Secretary announced in the 2023-24 Budget that a Task Force has been established to advise on the sustainable and responsible development of Web3 in Hong Kong.”
Hong Kong Prepares for the Future
Cryptocurrencies and Web3 are inseparable, so steps taken in the Web3 domain should also benefit crypto. Recognizing this, Hong Kong is improving its approach to crypto as part of its Web3 strategy. Hong Kong’s Financial Secretary Paul Chan said that the task force would further enhance Hong Kong’s goal of being a pioneer in the Web3 sector.
“Hong Kong aims to explore and lead innovation, create more new application models, and bring together first-class companies and talents in the arena for building a developing ecosystem. I believe that the valuable advice of the Task Force, which brings together leaders and professionals in the related sectors, will help Hong Kong become a Web3 center.”
Johnny Ng, a member of the Hong Kong Legislative Council, invited “all global virtual asset trading platforms” to come to Hong Kong and apply for a virtual asset service provider license on Twitter on June 10. Furthermore, banks in the country are encouraged to facilitate crypto companies.
