The Hong Kong government established a task force for promoting Web3 development, according to a press release on Friday.

The task force is being chaired by Financial Secretary Paul Chan and comprises 15 non-official members from relevant sectors and key government officials along with financial regulators will participate. Animoca Brands chairman Yat Siu announced on Monday that he would be joining the task force.

“The blockchain technology that underpins crypto is secure, transparent, low cost and has the potential to solve many difficult problems in finance, business operations and trade,” Chan said in the press release.

The government said it would designate $6.4 million (HK$50 million) in February to develop its Web3 ecosystem and also announced its plan to set up the Web3 task force then.