The Hong Kong authorities have announced the creation of a working group that will promote Web3. The team will include government officials and regulators, as well as 15 unofficial members, including several industry experts. It will be headed by the Financial secretary of Hong Kong, Paul Chan, a well—known supporter of cryptocurrencies, who has repeatedly stated that Web3 represents a “golden opportunity”.

The group will work for 2 years, and its main goal is to provide recommendations for the sustainable and responsible development of Web3 in the region.