1. BITBILIHome
  2. Article

Hong Kong launches task force to pave Web3 future

• 44 views

TL;DR Breakdown

  • The Hong Kong Government has formed a Task Force to promote Web3 development, marking a strategic move towards becoming a global hub for the decentralized internet.
  • Financial Secretary, Mr. Paul Chan, highlights blockchain technology’s potential to address various challenges, thus viewing Web3 as a “golden opportunity.”​
  • Despite close ties with China, Hong Kong charts its own course, as shown by the recent release of guidelines for Web3 companies and the formation of the new Task Force.

Description

In a strategic push to accelerate its digital transformation, Hong Kong’s government announced the establishment of a dedicated Task Force to promote Web3 development on Friday. However, The task force, led by the Financial Secretary, Mr. Paul Chan, includes 15 non-official members from relevant market sectors and is mandated to provide recommendations on the sustainable … Read more

In a strategic push to accelerate its digital transformation, Hong Kong’s government announced the establishment of a dedicated Task Force to promote Web3 development on Friday. However, The task force, led by the Financial Secretary, Mr. Paul Chan, includes 15 non-official members from relevant market sectors and is mandated to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong​.

According to the announcement, the move is seen as a continuation of Hong Kong’s proactive approach towards digital innovation. The territory had previously issued a Policy Statement on the Development of Virtual Assets in October 2022, demonstrating its commitment to fostering a dynamic Web3 ecosystem​.

 Embracing the ‘golden opportunity’ of Web3 amid global uncertainties

In contrast to its geographically close neighbor China’s stringent stance on digital assets, Hong Kong has taken a decidedly pro-crypto position. Mr. Paul Chan referred to the development of Web3 as a “golden opportunity,” highlighting the potential of blockchain technology to solve difficulties in various fields, including finance, trade, and business operations​.

Further evidence of Hong Kong’s commitment to digital innovation is the recent introduction of the Virtual Asset Trading Platform (VATP) handbook. However, this comprehensive guide provides clear guidelines for Web3 companies interested in setting up operations in the territory​.

The task force’s guidance will be crucial in shaping the territory’s Web3 development trajectory, and its success could serve as a blueprint for other regions. Amid the global uncertainties surrounding the adoption of digital assets, Hong Kong is carving its own path, demonstrating its resilience and commitment to innovation​.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Hong Kong launches task force to pave Web3 future

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月4日 13:52
Next 2023年7月4日 15:17

Related articles

  • OpenAI CEO says he has hope for global AI collaboration

    TL;DR Breakdown OpenAI CEO Sam Altman expresses optimism for global AI collaboration after an international tour. He has interacted with global leaders to influence AI regulation, amid varying approaches to laws across countries. Altman’s trip included a visit to Japan, hinting at a potential OpenAI office in the country. He perceives a rich history of human-machine interaction in Japan, underscoring its potential in AI. Sam Altman, the CEO of OpenAI, the tech firm responsible for the creation of the renowned artificial intelligence (AI) system ChatGPT, is expressing newfound hope for international collaboration in the AI domain. Recently, Altman embarked on a global tour of various capital cities to both leverage the growing interest in generative AI and influence how the emerging technology is regulated. Promising prospects for AI cooperation As he concluded his international journey, Altman revealed his shift from skepticism to optimism about the global AI landscape. Initially, he was uncertain if immediate global cooperation to mitigate the existential risk associated with AI was feasible. However, the encounters he experienced throughout his trip led him to a brighter conclusion….

    Article 2023年6月15日

  • SEC delays BlockFi’s $30 million penalty, focusing on investor reimbursement

    TL;DR Breakdown The SEC has agreed to delay enforcing a $30 million penalty against BlockFi to prioritize investor refunds. BlockFi, a defunct cryptocurrency lender, should have registered with the SEC before launching its loan product. The bankruptcy filing of BlockFi following the collapse of FTX complicated the penalty enforcement process. Description In a significant development, the U.S. Securities and Exchange Commission (SEC) has agreed to postpone the enforcement of a $30 million penalty against BlockFi, the defunct cryptocurrency lender. This decision comes because the SEC aims to ensure investors receive their rightful refunds before collecting penalties. BlockFi, which failed to register with the SEC before launching … Read more In a significant development, the U.S. Securities and Exchange Commission (SEC) has agreed to postpone the enforcement of a $30 million penalty against BlockFi, the defunct cryptocurrency lender. This decision comes because the SEC aims to ensure investors receive their rightful refunds before collecting penalties. BlockFi, which failed to register with the SEC before launching and selling its cryptocurrency loan product, was initially levied a $50 million penalty. Although the settlement…

    Article 2023年6月25日

  • Credit Suisse’s retail investors attack UBS – Why?

    TL;DR Breakdown UBS faces legal backlash from Credit Suisse’s individual shareholders over its takeover. The takeover deal, considered undervalued, bypassed shareholders’ rights to vote. Multiple lawsuits target UBS, including one from the Swiss Investor Protection Association (SASV). Description UBS, fresh off its acquisition of Credit Suisse, finds itself amidst yet another storm. The tumultuous takeover, that many saw as a bargain, has stirred the emotions and anger of hundreds of individual shareholders, including those who once worked loyally for the bank. On Monday, in the hallways of Zurich’s commercial court, these shareholders are … Read more UBS, fresh off its acquisition of Credit Suisse, finds itself amidst yet another storm. The tumultuous takeover, that many saw as a bargain, has stirred the emotions and anger of hundreds of individual shareholders, including those who once worked loyally for the bank. On Monday, in the hallways of Zurich’s commercial court, these shareholders are prepping to strike back. The Heart of the Conflict The foundation of this fiery confrontation lies in the fact that around 500 equity investors of Credit Suisse felt the…

    Article 2023年8月14日

  • U.S. blocks China from getting any of the $52b chip funds raised

    TL;DR Breakdown The U.S. Commerce Department releases final rules to restrict semiconductor manufacturing subsidies from benefiting countries like China and Russia. $52.7 billion chip fund established under the “Chips and Science” law is the focus of these rules. Regulations aim to prevent U.S. fund recipients from investing in chip manufacturing or joint ventures in nations of concern. Description The rivalry between superpowers is nothing new, and the arena of this competition has once again shifted to technology. With silicon chips driving the next industrial revolution, the U.S. has made a clear statement: China and other nations of concern won’t get their hands on any part of the whopping $52.7 billion chip fund raised … Read more The rivalry between superpowers is nothing new, and the arena of this competition has once again shifted to technology. With silicon chips driving the next industrial revolution, the U.S. has made a clear statement: China and other nations of concern won’t get their hands on any part of the whopping $52.7 billion chip fund raised under the landmark “Chips and Science” law. Bit greedy,…

    Article 2023年9月23日

  • PayPal Embraces Ethereum for Its New Stablecoin, PYUSD

    TL;DR Breakdown PayPal has launched PYUSD, an Ethereum-based stablecoin, positioning itself alongside significant players like Tether and Circle in the crypto market. PYUSD is deeply integrated with the PayPal ecosystem, offering unique advantages like connectivity to fiat currency and potential for mainstream adoption in e-commerce. Description In a recent development that has sent ripples through the cryptocurrency community, the global online payments giant has made its foray into the stablecoin market by introducing PYUSD. This Ethereum-based stablecoin, pegged to the United States dollar, positions PayPal alongside other major players in the instantaneous on-chain value transfer domain, such as Tether and Circle, … Read more In a recent development that has sent ripples through the cryptocurrency community, the global online payments giant has made its foray into the stablecoin market by introducing PYUSD. This Ethereum-based stablecoin, pegged to the United States dollar, positions PayPal alongside other major players in the instantaneous on-chain value transfer domain, such as Tether and Circle, known for USDT and USDC, respectively. Contents hide 1 Why Ethereum Was the Natural Choice for PayPal 2 PYUSD: A Testament…

    Article 2023年8月12日
TOP