Hong Kong Calls for Web3, Crypto Policy Input

The Legislative Council (LegCo) of Hong Kong is soliciting policy proposals for web3 and virtual assets to stimulate industry expansion.

The Council has established a Subcommittee on Web3 and Virtual Asset Development to collect industry opinions and propose policy suggestions, as indicated by a recent social media post by LegCo member Johnny Ng.

Hong Kong LegCo Subcommittee Calls for Suggestions

Ng outlined several critical areas for developing Hong Kong’s web3 landscape. He emphasized the necessity of promoting and balancing the foundational technologies and regulatory measures.

This entails the establishment of an infrastructure that facilitates technological advancement while simultaneously guaranteeing legal supervision and compliance.

The significance of collaboration with national initiatives to establish Hong Kong as a global web3 center was underscored in the post. This collaboration aims to capitalize on the region’s strategic advantages and integrate them with more comprehensive national initiatives.

Ng underscored the importance of enhancing AI regulatory systems and integrating artificial intelligence with web3 technologies.

He also advocated for talent development for the ecosystem and recommended policy and regulatory measures for decentralized autonomous organizations (DAOs).

Developing the Web3 and Virtual Asset Sectors Ng also delineated several strategies to promote the virtual asset sector, such as establishing a supportive environment through favorable policies and infrastructure.

Advancing Web3 and Virtual Asset Sectors

Ng underscored the necessity of robust regulatory frameworks to enhance investor security and increase market confidence.

He discussed the potential applications and hazards of stablecoins in Hong Kong and suggested regulatory frameworks that promote innovation while preserving financial stability.

Furthermore, Ng emphasized the increasing demand for professional custody services due to the rise in virtual assets, highlighting the necessity of researching suitable custody methods and regulatory measures to facilitate this expansion.

Ng declared, “I am open to suggestions from the global Web3 industry.” “I will conduct a comprehensive examination of them and compile a summary to present to the government via the Legislative Council platform.”