The Hong Kong government has taken a significant step towards embracing the potential of blockchain technology by establishing the Task Force on Promoting Web3 Development. Led by Financial Secretary Paul Chan, the task force aims to harness the benefits of blockchain technology to drive advancements across various industries. The task force is comprised of 11 members from government agencies and supported by 15 advisory members representing business and industry sectors. Web3 refers to a decentralized, permissionless, and open-source evolution of the Internet, incorporating technologies such as blockchain, artificial intelligence (AI), and the Internet of Things (IoT). The establishment of the task force reinforces Hong Kong’s dedication to embracing Web3, blockchain, virtual assets, and the open metaverse. The government’s efforts are supported by initiatives like the newly established Institute of Web 3.0 Hong Kong.
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