Animoca Brands has announced its co-founder and executive chairman has been appointed to a newly created task force established by the Hong Kong government promoting the web3 industry.

Yat Siu – co-founder and executive chairman of Animoca Brands, one of the biggest names in the web3 gaming and metaverse sectors globally – has been appointed to the Hong Kong Task Force on Promoting Web3 Development.

It’s further eye-opening news for the adoption of web3 in Hong Kong, which you might well know by now is increasingly building itself up to become a global hub for crypto and blockchain innovation.

Newly established by the Government of the Hong Kong Special Administrative Region and first announced in the 2023-24 Budget by Hong Kong’s Financial Secretary, the web3 Task Force has a broad remit. And that is: to provide recommendations on the sustainable and responsible development of web3 technology and industry in Hong Kong and the region.

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.

Hong Kong aims to promote the global adoption of blockchain

With Animoca Brands placing a large amount of its global focus on Asia and the Middle East, being appointed at the highest level to help shape web3’s future in arguably Asia’s most important financial centre is a big deal for the firm and its co-founder.

 

Yat Siu, co-founder and executive chairman of Animoca Brands. Pic: Supplied (Animoca Brands).

 

“I am honoured to be appointed to the Task Force and I look forward to contributing to this forward-thinking initiative,” said Yat Siu, adding:

“The Task Force firmly establishes Hong Kong as the leading example of a mature and highly modernised 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 in the news

Animoca Brands’ partnership and expansion news is almost as difficult to keep up with as the market that never sleeps. (That’d be crypto.)

We’ve covered some of its biggest stories recently, especially regarding its push into the Middle East. But here’s a snapshot of some of the firms’ other news bites from recent months…

  • APRIL: The Sandbox, (ticker: SAND) is a leading decentralised gaming virtual world and subsidiary of Animoca Brands, outlined a plan, at its HK Partner Day in April, for its continued growth in Asia and across the “Greater China” region.

The Sandbox’s focus is on 40+ brands in the space – fostering builders of the open metaverse, gaming, creative studios and collaborating with more than 17 educational institutions.

“We are sharing our journey into the metaverse with more than 40 pioneering brands and welcoming new companies to join in our success,” said Sebastien Borget, Co-Founder and COO of The Sandbox in April. “This momentum supports Hong Kong’s forward-thinking approach to embracing new technologies and showcases its role as a global hub for Web3 and metaverse development.”

  • MAY: Web3 Harbour, a new Hong Kong-based nonprofit industry association representing web3 builders, investors, users, and leaders, revealed its founding board in May, which includes founding chair Gary Liu, co-founder and CEO of Terminal 3, and formerly the CEO of the South China Morning Post. And Lawrence Chu as vice chair, who is the co-founder and chairman of VSFG, parent company of Hong Kong’s first SFC-approved virtual asset manager.

Animoca Brands is one of several high-profile firms involved as a member organisation, and its co-chief operating officer Minh Do is also a founding board member for Web3 Harbour.

  • JUNE: Japanese trading firm giant Mitsui & Co., Ltd and Animoca Brands formed a strategic partnership to create new business that contributes to innovation and the uptake of web3 in Japan, by utilising Mitsui’s extensive assets ranging from industrial businesses to consumer businesses, as well as its broad partner and customer networks.

Japan’s government and business leaders are increasingly becoming interested in blockchain technology, and in fact have called for the adoption of web3 as a national strategy.

  • ALSO JUNE: In further June news from the Animoca Brands Japan division, the firm announced an ongoing collaboration with web3 wallet project Gryfyn and Honda Motor Co., Ltd. “to enhance fan engagement across Honda’s various motorsport initiatives and communities”.

The collaboration’s first initiative began with interactive experiences for fans at the Honda Indy 200 at Mid-Ohio, which finished on July 2.

This article was developed in collaboration with Animoca Brands, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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