The Hong Kong government formed a panel of industry and government officials to oversee the development of Web3, with a particular focus on promoting its growth in an ethical manner.

The group will propose sustainable and responsible developments to help Hong Kong become a Web3 hub.
The Hong Kong government is actively promoting the region as an attractive venue for cryptocurrency companies, with more than 80 virtual asset-related companies expressing interest in establishing their presence in Hong Kong.
The Securities and Futures Commission of Hong Kong will soon allow licensed platforms to provide services to retail investors, and virtual asset trading platform operators willing to abide by the guidelines are encouraged to submit license applications.
On the positive side, the establishment of a task force in Hong Kong to develop Web3 demonstrates the recognition and acceptance of blockchain technology, which will help promote the innovation and progress of financial technology and contribute to the development of the global digital economy.
However, whether it can really fully meet the expectations of Web3 users, and how to strike a balance between promoting technological innovation and protecting public interests will be a big challenge.