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The Hong Kong government has created a web3 task force , composed of various market sector representatives and government officials, to draft guidelines for the ethical and sustainable growth of cryptocurrency within the region. The Hong Kong administration has recently launched a web3 task force . The purpose of this initiative is to draft guidelines for the healthy and ethical growth of cryptocurrency in the region, in line with the principles of sustainable development. The group, led by Financial Secretary Paul Chan, is composed of 15 non-official representatives from applicable market sectors, along with key governmental officers and financial regulators. This task force will serve for an initial term of two years beginning from July 1, as stated in an announcement last Friday. Hong Kong government has put together a "task force" to help promote web3 development and adoption the group will be run by the governments financial secretary, and includes regulators, gov...

UAE & Hong Kong Coact For Crypto Regulations On May 30, the Central Bank of the United Arab Emirates (CB UAE ) and the Hong Kong Monetary Authority (HKMA) held a bilateral meeting in Abu Dhabi which focused on various collaborative initiatives, with a particular emphasis on financial infrastructure, financial market connectivity and cryptocurrency regulations. advertisement Read More: Japan’s BitFlyer Exchange Restricts Crypto Deposits & Transfers During the bilateral meeting, the CBUAE and the HKMA engaged in discussions on key areas of cooperation. The central banks agreed to focus on major areas of finance and even initiated discussions on joint fintech development initiatives and knowledge-sharing efforts within their jurisdictions. To operationalize the agreed-upon initiatives, a joint working group, led by the CBUAE and HKMA and with the support of relevant stakeholders from the banking sectors of both jurisdictions, will be formed. This col...