HONG KONG – The government of Hong Kong has announced in a new press release that it has established a task force to promote web3 development. Led by Financial Secretary Paul Chan, the 15-member team will implement blockchain technology to address complex challenges in finance, business operations, and trade. 

With the government allocation of $6.4 million USD, Hong Kong is positioning itself as a forward-thinking hub for blockchain innovation. Financial regulators will also participate in the implementation, showing the government’s commitment to the project. 

According to the press release, Chan stated, “Premised on a balance between appropriate regulation and promoting development, Hong Kong seeks to lead and drive innovative exploration and development [...] new application models.”

Blockchain’s inherent security and transparency help to alleviate longstanding challenges related to trust, data integrity, and transaction verification. By opening up bottlenecks and streamlining operations, Hong Kong’s government hopes that the financial ecosystem will become more robust and resilient.