The Government today announced the establishment of the Task Force on Promoting Web3 Development.

Chaired by Financial Secretary Paul Chan, the task force comprises 15 non-official members from the relevant market sectors, with the participation of key government officials and financial regulators. The non-official members will serve for two years starting July 1.

Apart from explaining that blockchain technology underpinning Web3 features characteristics in respect of disintermediation, security, transparency and low cost, the finance chief pointed out that it has the potential to solve many difficulties encountered in finance, trade, business operations and even day-to-day life.

Mr Chan said: “Premised on a balance between appropriate regulation and promoting development, Hong Kong seeks to lead and drive innovative exploration, create more new application models, and strives to draw together top-notch companies and talent to build a thriving ecosystem.

“With the task force bringing together leaders and professionals in the sectors involved, I believe their valuable advice will help Hong Kong develop into a Web3 hub," he added.