Hong Kong stacks Web3 task force with top finance regulators

Hong Kong has given its new Web3 task force a mandate to inspire digital asset development across the city-state

article-image

zhu difeng/Shutterstock modified by Blockworks

share

The Hong Kong government now has a task force for Web3 development, part of the city-state’s bid to capture potential growth associated with crypto.

The task force, under the leadership of Financial Secretary Paul Chan, comprises 15 non-official members. These members include university professors, key government officials and financial regulators, representing the collaborative efforts of diverse sectors.

Financial Secretary Chan lauded the potential of blockchain, the backbone of Web3, saying in a statement that its characteristics “such as disintermediation, security, transparency, and cost-efficiency, pave the way for unparalleled innovation.”

The idea is that Web3 could address and overcome challenges within sectors like finance, trade, business operations and even daily life.

Notable task force members include the CEO of the Hong Kong Monetary Authority (the central bank), CEO of the Securities and Futures Commission and the CEO of Hong Kong Exchanges and Clearing. Yat Siu, chairman of metaverse firm Animoca Brands, is also a “non-official” member.

Chan expressed that Hong Kong aspires to be a key part of the Web3 landscape, supporting companies and talent as part of a local ecosystem.

Hong Kong released a policy statement last October about the future of crypto (referred to as “virtual assets”).

Fast forward to the 2023-24 budget announcement in February, and the Financial Secretary announced he would set up a task force on virtual asset development, bringing in members from the relevant policy bureaus. That task force is now in effect.

Hong Kong is again attempting to position itself as a hotspot for crypto. And although it’s early days, global crypto exchanges including Huobi, OKX and BitMEX have recently flagged intent to set up in the region.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

US dollars might technically be worth less, but it’s still good news

article-image

Apps are doing well, as is casino gaming, says Tom Schmidt of Dragonfly

article-image

Sponsored

Machine DeFi brings programmable peer-to-peer finance into contact with tangible machines that generate real-world value

article-image

What happens to your investment portfolio when the companies driving returns are no longer in it?

article-image

Wow, the ETF hype sure didn’t last long

article-image

The private sector lost 33,000 jobs in June; analysts had projected payrolls to add 100,000 positions