Hong Kong’s Finance Secretary, Chan, has expressed strong support for cryptocurrencies. The city has been actively working towards becoming a leader in Web3 technology for a while
The government of Hong Kong has established a task team dedicated to promoting innovation in Web3 technology. In a recent press release, the Hong Kong Special Administrative Region announced a new policy that will be implemented starting today.
Paul Chan, the finance secretary of Hong Kong, along with other government officials and regulators, will lead the committee for a period of two years. The task force also includes 15 unofficial members who are experts in relevant fields.
Seizing the Golden Opportunity:
As the finance secretary of Hong Kong, Chan has expressed strong support for cryptocurrencies. He believes that the city should embrace the “golden opportunity” presented by Web3.
According to Chan, blockchain technology is the key to enabling Web3, and it offers advantages such as removing intermediaries, enhancing security, providing transparency, and offering cost-effective solutions.
For quite some time, Hong Kong has been working towards becoming a leader in Web3 technology. In 2022, they officially released their policy statement on Virtual Assets, which was well-received by the markets.
As a result, a task group has been formed to recommend measures that will ensure the sustainable growth and responsible implementation of Web3 in the region.
While there isn’t a single definition for Web3 that everyone agrees upon, it is commonly understood as a decentralized and advanced version of the internet.
Despite being close to China, which has shown resistance to digital assets, Hong Kong has been making significant efforts to establish itself as a crypto hub. Recently, the territory issued a guidebook called the Virtual Asset Trading Platform (VATP), offering clear standards for Web3 businesses to operate in a transparent manner.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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