The Hong Kong government has taken a significant step towards the development of Web3 by appointing Yat Siu, the co-founder of Animoca Brands, to its newly formed Task Force on Promoting Web3 Development. This task force aims to provide recommendations for the long-term growth of Web3 within Hong Kong. The establishment of this task force reflects the Hong Kong government’s recognition of the integral role of virtual assets in the Web3 ecosystem. The government’s progressive attitude towards the virtual asset sector was demonstrated in October 2022 when it issued a policy statement outlining its approach. The financial secretary of Hong Kong announced the formation of the task force in the 2023-24 Budget, emphasizing the need for sustainable and responsible development of Web3 in Hong Kong.
Yat Siu’s Appointment and Vision
Yat Siu, as the executive chairperson of Animoca Brands, joins a group of 15 professionals from relevant market sectors, along with influential government officials and financial regulators. Siu expressed his honor at being appointed to the Task Force, highlighting the significance of this forward-thinking initiative. He believes that Hong Kong’s establishment of the task force positions it as a leading example of an economy that embraces the opportunities presented by Web3, blockchain, virtual assets, and the open metaverse. Siu anticipates that the work of the task force will not only shape Hong Kong but also have a global impact on the adoption of blockchain technologies, particularly in regulation, ecosystem building, industry development, and talent development.
Hong Kong’s Vision for Web3 Development
Hong Kong’s Financial Secretary, Paul Chan, recognizes the transformative potential of blockchain technology in Web3. He emphasizes its characteristics of disintermediation, security, transparency, and low cost, which can address challenges in finance, trade, business operations, and everyday life. With its position as an international financial center and a city that values innovation and technology, Hong Kong is well-positioned to embrace the Web3 development megatrend. The city aims to lead and drive innovation by generating new application models and attracting top-notch companies and talent to create a thriving ecosystem.
Animoca Brands’ Role in the Transformation
Animoca Brands, renowned for its work in digital entertainment, blockchain, and gamification, has the potential to play a critical role in Hong Kong’s transformation into a Web3 hub. The company is dedicated to advancing digital property rights and establishing the open metaverse. With an extensive portfolio of original games and products based on popular intellectual properties, as well as over 450 Web3 investments, Animoca Brands brings valuable expertise to the task force. By collaborating with market leaders like Animoca Brands, Hong Kong is on its way to realizing its vision of becoming a Web3 hub.
In summary, the appointment of Yat Siu to Hong Kong’s Task Force on Promoting Web3 Development marks a significant milestone in the city’s embrace of Web3 technologies. The task force, comprised of professionals from various sectors, aims to provide recommendations for sustainable and responsible development of Web3 in Hong Kong. With the support of market leaders like Animoca Brands, Hong Kong is poised to become a global leader in Web3 development, shaping the adoption of blockchain technologies and fostering a thriving ecosystem.