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.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 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

kamino cover.jpg

Research

Kamino has solidified its position as the leading money market on Solana and is emerging as a DeFi bluechip. Although DeFi competition is fierce, Kamino has kept iterating on its product to provide the best-in-class UX, paired with a robust risk management framework and battle-tested infrastructure. Given the rollout of Kamino Lend V2, the protocol may scale aggressively over the coming months, penetrating previously untapped markets in Solana DeFi.

article-image

Also in the tokenized fund space, Franklin Templeton launches on Base and Securitize hits $1 billion in tokenized RWA onchain

article-image

It turns out that bitcoin never actually hit an all-time high in March. Thanks a lot, inflation.

article-image

Spire, Citrea and Nillion also announced raises this week

article-image

The latest recipient of an SEC Wells notice is a Web3 gaming company

article-image

Thursday’s selloff was led by tech stocks, triggered by disappointing outlooks from giants Meta and Microsoft

article-image

Historically, positive returns have been a bit more of a toss-up during the year’s 11th month