Animoca Brands co-founder and executive chairperson Yat Siu / Photo credit: Animoca Brands

Animoca Brands co-founder Yat Siu has been appointed to the Task Force on Promoting Web3 Development, which has been newly established by the Hong Kong government.

The task force aims to provide recommendations on the “sustainable and responsible” development of Web3 in Hong Kong.

Siu, who is also Animoca Brands’ executive chairperson, is part of a team of 15 members from the relevant market sectors, along with key government officials and financial regulators.

The establishment of this task force follows the Hong Kong government’s issuance of a policy statement on virtual asset development, recognizing its significance in the Web3 ecosystem.

“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,” Siu said in a statement.

See also: Animoca’s meteoric rise from zombie to $5b Web3 empire

Animoca, which focuses on digital property rights in gaming and the metaverse, is the gaming company behind titles such as The Sandbox and Revv. It’s also an investor in NFT major OpenSea and decentralized autonomous organization Yield Guild Games.

The company has evolved into perhaps the most prolific blockchain investment firm in the world, sitting on a “financially strong” position, having a cash and stablecoin balance of US$194 million as of the end of April.