The Hong Kong government announced on 30 June the establishment of the 26-member task force to facilitate responsible and sustainable growth of the Web3 sector in Hong Kong. The task force consists of 15 industry participants and 11 key government officials. Following a policy statement by the government in October 2022 encouraging virtual asset development, Hong Kong has seen a surge of interest from virtual asset-related companies. Legislative Council member Johnny Ng also invited global digital asset trading platforms on Twitter to establish their presence and apply for virtual asset service provider licences in Hong Kong.