Animoca Brands, the Hong Kong-based company advancing digital property rights for gaming and the metaverse, announced Monday that its Co-Founder and Executive Chairman Yat Siu has been appointed to the task force on promoting Web3 Development newly established by the government of the Hong Kong Special Administrative Region.

“I am honoured to be appointed to the Task Force and I look forward to contributing to this forward-thinking initiative. The task force firmly establishes Hong Kong as the leading example of a mature and highly modernized economy that embraces the remarkable opportunities presented by Web3, blockchain, virtual assets, and the open metaverse,

“I believe that the work of the task force will help to shape not only Hong Kong but also globally in the adoption of blockchain technologies, particularly in the areas of regulation, ecosystem building, industry development, and talent development,” Animoca Brands Co-Founder and Executive Chairman Yat Siu said in a statement.

In October 2022, Hong Kong government issued the policy statement on development of virtual assets in Hong Kong, setting out the policy stance and approach towards the sector.

Recognizing that virtual assets are an integral part of a vibrant Web3 ecosystem, Hong Kong’s financial secretary announced in the 2023-24 Budget the establishment of the task force to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong.

Chaired by 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.

“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,” Hong Kong Financial Secretary Paul Chan said.

According to him, Hong Kong is an international financial center and a metropolis attaching importance to innovation and technology, and embracing the megatrend of Web3 development.

Premised on a balance between appropriate regulation and promoting development, he said 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.

“With the task force bringing together leaders and professionals in the sectors involved, I believe their valuable advice will help Hong Kong develop into a Web3 hub,” he added.

Animoca Brands is a firm involved in digital entertainment, blockchain, and gamification that is working to advance digital property rights and contribute to the establishment of the open metaverse.

The company develops and publishes a broad portfolio of products including original games such as The Sandbox, Phantom Galaxies, Life Beyond, Crazy Kings, and Crazy Defense Heroes, and products utilizing popular intellectual properties including Disney, WWE, Snoop Dogg, The Walking Dead, Power Rangers, MotoGP™, and Formula E.

It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Animoca Brands Japan, Grease Monkey Games, Eden Games, Life Beyond Studios, Notre Game, TinyTap, Be., PIXELYNX, and WePlay Media.

Animoca Brands has a growing portfolio of more than 450 Web3 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others.

Animoca Brands joins Celo ecosystem to accelerate Web3 adoption with sustainability and social impact