The new task force by the Hong Kong government would focus on blockchain and crypto and work towards its adoption and promotion.
According to a recent announcement, the government will create a new task force in Hong Kong. It will be part of a strategy by the Hong Kong government to promote the region as a friendly space for the sector. The task force would have several members, including government officials and industry specialists.
The government would contribute with 11 members, while 15 participants would be from the industry. The Financial Secretary of the region will officially chair the task force.
“Premised on a balance between appropriate regulation and promoting development, Hong Kong seeks to lead and drive innovative exploration and development, create more new application models, and strives to draw together top-notch companies and talent in the arena to build a thriving ecosystem,” said Paul Chan, the Financial Secretary.
He was highly appreciative of blockchain technology, highlighting how it could solve many issues in business, finance and trade. He was hopeful of the task force contributing to the benefit of the industry in Hong Kong.
There has been a surge of crypto firms rushing to set up bases in Hong Kong after the government’s policies and interventions. The banking sector in Hong Kong has also opened up to crypto firms after the direction of the government.