Hong Kong invites international comments on the future of Web3 and virtual assets
Hong Kong Legislative Council Member Johnny Ng Kit Chong said that opinions from the international industry are now being sought to provide policy recommendations and thematic discussions on the future direction of Web3 and the development of the virtual resources industry.
According to a post on X's social forum, the Legislative Council has established a subcommittee on Web3 and Virtual Property Development to promote Web3 and virtual assets in Hong Kong.
Hong Kong is what you want
The proposal will be studied in detail, summarized and presented to the government through the Legislative Council forum. This initiative aims to shape Hong Kong's policy and regulatory landscape, positioning it as a global hub for Web3 innovation.
The Hong Kong Legislative Council seeks feedback on a number of critical Web3 policies on Web3 policy development, including harmonizing technical, legal and regulatory frameworks to create an integrated environment that supports the technical and legal aspects of Web3, ensuring strong and transparent regulations.
The Council is interested in providing feedback on enhancing international cooperation to strengthen Hong Kong's position as a global hub for Web3. This includes exploring the nexus of artificial intelligence and Web3 technology to improve artificial intelligence (AI) regulation.
It also involves designing policies to support the healthy growth of decentralized autonomous organizations (DAOs) and developing strategies to attract and grow talent through Web3 technology and financial innovation.
In addition to the Web3 policy, the Legislative Council is focusing on the virtual property industry and identifying measures to facilitate its growth in Hong Kong. To achieve this, it explores ways to enhance investor and consumer protection, increase market confidence and protect virtual asset investors and consumers.
Additionally, the council plans to assess the potential benefits and risks of stablecoins and develop a regulatory framework that balances financial stability with innovation. It addresses the growing demand for professional protection services for virtual assets and develops corresponding regulatory measures to support this demand.
Hong Kong's actions against the industry
In the year In July 2023, the Hong Kong government established a task force consisting of 15 industry participants and 11 key government officials to oversee the development of Web3 and focus on improving the ethics of its development.
However, the number of crypto exchanges seeking operating licenses in Hong Kong is decreasing. On May 13, crypto exchanges IBTCEX and QuanXLab initially withdrew their applications in February 2024.
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