Hong Kong has taken a proactive step in embracing the emerging trend of Web3 development by creating a task force composed of 15 industry representatives and 11 government officials.

The main objective of this diverse group is to monitor and supervise the progress of Web3 in the region while placing special emphasis on promoting its ethical growth. The government's commitment to the Web3 space was highlighted in a policy statement on virtual assets released in October 2022, which received a positive response from the market.

The Hong Kong government has actively encouraged crypto companies to consider the region as an appealing destination for their operations. A Legislative Council member, Johnny Ng, expressed this invitation to all global virtual asset trading platforms via Twitter, including a specific mention of Coinbase following the legal actions taken against it by the US Securities and Exchange Commission (SEC).

The move comes after the Hong Kong Securities and Futures Commission's announcement on 23rd of May, stating its intention to permit licensed platforms to serve retail investors. The commission encouraged operators of virtual asset trading platforms willing to comply with its proposed guidelines to submit license applications.

Sources:

https://cointelegraph.com/news/hong-kong-establishes-task-force-web3-development

https://cryptonews.com/news/hong-kong-government-sets-up-web3-development-task-force-next-crypto-hub.htm

https://medium.com/@CryptoNewsFlash/hong-kong-establishes-task-force-to-advance-web3-development-8147a4e4349e