On June 30th, the Hong Kong government announced the establishment of the Task Force on Promoting Web3 Development. Chaired by Mr Paul Chan, the Financial Secretary, the Task Force comprises 15 non-official members from the relevant market sectors, with the participation of key government officials and financial regulators concerned, and Dr. Kong Jianping becomes one of the first Task Force members. The term of the non-official members will take effect from July 1, 2023, for two years.

The Hong Kong Government issued the Policy Statement on Development of Virtual Assets (VAs) in Hong Kong in October 2022, to which the market has responded favorably. As Virtual assets are an integral part of a vibrant Web3 ecosystem. Mr Paul Chan, the Financial Secretary has announced in the 2023-2024 Budget the establishment of the Task Force to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong.

The Financial Secretary, Mr Paul Chan, said that the blockchain technology underpinning Web3 features characteristics in respect of disintermediation, security, transparency, and low cost. It has the potential to solve many difficulties and pain points encountered in finance, trade, business operations and even day-to-day life. As an international financial centre and a metropolis, Hong Kong is attaching importance to innovation and technology, and embracing the megatrend of Web3 development. 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.

As a representative of Web3 industry, iPollo fully responds to Hong Kong's Web3 policies, integrates into the development of the Greater Bay Area, and is optimistic about the future development of Hong Kong's Web3. We also look forward to working together with builders of the Greater Bay Area to create a new chapter in Hong Kong!

The membership of the Task Force is as follows:

Chairman

Financial Secretary

Non-official members:

Professor Alex Au Wai-chi

Mr Norman Chan Tak-lam

Mr Duncan Chiu

Mr Lawrence Chu Sheng-yu

Professor Gu Ronghui

Dr Jack Kong Jianping

Ms Joy Lam

Mr Eddie Lau Fu-wing

Professor Lin Chen

Mr Robert Andrew Lui Chi-wang

Professor Jack Poon Sik-ching

Ms Elizabeth Quat

Mr Siu Yat

Mr Neil Tan

Dr Xiao Feng

Official members:

Secretary for Financial Services and the Treasury

Permanent Secretary for Financial Services and the Treasury (Financial Services)

Permanent Secretary for Innovation, Technology and Industry

Under Secretary for Financial Services and the Treasury

Government Chief Information Officer

Director-General of Investment Promotion, Invest Hong Kong

Chief Executive Officer, Hong Kong Cyberport Management Company Limited

Chief Executive, Hong Kong Monetary Authority

Chief Executive Officer, Securities and Futures Commission

Chief Executive Officer, Insurance Authority

Chief Executive Officer, Hong Kong Exchanges and Clearing Limited