Hong Kong seeks global opinion on web3 and virtual asset future

Hong Kong Legislative Council member Johnny NG Kit-Chong said he is currently seeking input from the global industry to propose policy recommendations and thematic discussions on the future direction of Web3 and virtual asset industry development.

According to a post on the

What Hong Kong Wants

The proposal will be studied in detail, summarized and submitted to the government through the Legislative Council platform. This initiative aims to shape Hong Kong’s policy and regulatory environment, positioning Hong Kong as a global hub for Web3 innovation.

The Hong Kong Legislative Council actively provides feedback on a number of important aspects of Web3 policy development, including balancing the technical, legal and regulatory frameworks, to create a cohesive environment that supports the technical and legal aspects of Web3 while ensuring strong and clear regulation. I am looking for it.

The Committee is also interested in feedback on strengthening international cooperation to secure Hong Kong’s position as a globally connected Web3 hub. This includes exploring the convergence of artificial intelligence (AI) and Web3 technologies to improve artificial intelligence (AI) regulation.

It also includes establishing policies to support the healthy development of decentralized autonomous organizations (DAOs) and developing strategies to attract and foster talent in the fields of Web3 technology and financial innovation.

In addition to the Web3 policy, the Legislative Council is also focusing on the virtual asset industry and exploring measures to promote its growth in Hong Kong. To achieve this, we explore ways to strengthen investor and consumer protection, increase market confidence, and protect virtual asset investors and consumers.

The Commission also plans to assess the potential benefits and risks of stablecoins and develop a regulatory framework that balances financial stability and innovation. It also addresses the growing demand for professional custody services for virtual assets and develops applicable regulatory measures to support this demand.

Hong Kong’s industry stance

In July 2023, the Hong Kong government established a task force of 15 industry participants and 11 key government officials to oversee the development of Web3 and focus on promoting Web3’s growth ethically.

However, the number of cryptocurrency exchanges seeking operating licenses in Hong Kong has been steadily decreasing. On May 13, cryptocurrency exchanges IBTCEX and QuanXLab withdrew their applications, which were initially submitted in February 2024.

magazine: $2,500 Document on FTX Collapse on Amazon Prime… with mom’s help