The Hong Kong government has appointed Yat Siu, the co-founder of Animoca Brands, to its newly formed Task Force on Promoting Web3 Development. The objective of this task force is to offer recommendations concerning the long-term development of Web3 within Hong Kong. The formation of this task force is an initiative of the Hong Kong government. They declared a policy statement on the growth of virtual assets, acknowledging their integral role in the Web3 ecosystem.

The Hong Kong government’s progressive attitude towards the virtual asset sector became evident in October 2022, when it issued a policy statement highlighting its stance and approach. Acknowledging that virtual assets are an integral part of a vibrant Web3 ecosystem, the financial secretary of Hong Kong announced in the 2023-24 Budget the inception of this task force. The primary objective is to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong.

As the executive chairperson of Animoca Brands, Siu joins a group comprised of 15 professionals from pertinent market sectors, in addition to influential government officials and financial regulators.

Upon his appointment, Yat Siu expressed his sentiments: “I am honoured to be appointed to the Task Force and I look forward to contributing to this forward-thinking initiative. The task force firmly establishes Hong Kong as the leading example of a mature and highly modernized economy that embraces the remarkable opportunities presented by Web3, blockchain, virtual assets, and the open metaverse.

He continued: “I believe that the work of the task force will help to shape not only Hong Kong but also globally in the adoption of blockchain technologies, particularly in the areas of regulation, ecosystem building, industry development, and talent development.”

As per the insights provided by Hong Kong’s Financial Secretary, Paul Chan, “The blockchain technology underpinning Web3 features characteristics in respect of disintermediation, security, transparency, and low cost. It has the potential to solve many difficulties and pain points encountered in finance, trade, business operations and even day-to-day life.”

In light of Hong Kong’s position as an international financial center and a city that values innovation and technology, the embracement of the Web3 development megatrend comes as no surprise. With the vision of leading and driving innovative exploration and development, Hong Kong intends to generate more new application models and bring together top-notch companies and talent to construct a thriving ecosystem.

Animoca Brands could play a critical role in this transformation. Known for its work in digital entertainment, blockchain, and gamification, the company contributes towards advancing digital property rights and establishing the open metaverse. Animoca Brands is responsible for a broad portfolio of products encompassing original games and products leveraging popular intellectual properties. The company also has an extensive range of subsidiaries and a robust portfolio of over 450 Web3 investments.

As Hong Kong seeks to develop into a Web3 hub, it’s clear that with the assistance of market leaders such as Animoca Brands and the task force this vision is on its way to becoming a reality.

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