Amaka NwaokochaJun 22, 2024Hong Kong invites global opinions on future of Web3 and digital assetsThe Hong Kong Legislative Council is actively seeking feedback on several critical aspects of Web3 policy development, including balancing technical, legal and regulatory frameworks.2829 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksHong Kong Legislative Council member Johnny NG Kit-Chong has said that opinions are now being sought from industry players worldwide to propose policy recommendations and thematic discussions on the future direction of Web3 and digital assets.
According to a post on the X, the Legislative Council established a Subcommittee on Web3 and Virtual Asset Development to promote the development of Web3 and digital assets in Hong Kong.What Hong Kong is looking for
The proposal will be studied in detail, summarized and submitted to the government through the Legislative Council. This initiative aims to shape Hong Kong’s policy and regulatory landscape, positioning it as a global hub for Web3 innovation.
The council is seeking feedback on several critical aspects of Web3 policy development, including balancing technical, legal and regulatory frameworks to create a cohesive environment for the development of Web3, with robust and clear regulations.
The council is also seeking feedback on enhancing international cooperation to solidify Hong Kong’s position as a globally connected Web3 hub. This includes exploring the convergence of artificial intelligence and Web3 technology to improve AI regulation.Source: Johnny NG Kit-Chong
It also involves crafting policies to support the healthy development of decentralized autonomous organizations (DAOs) and developing strategies to attract and nurture talent in Web3 technology and financial innovation.
In addition to the Web3 policy, the Legislative Council is also focusing on the digital asset industry and looking to identify measures to facilitate its growth in Hong Kong. To achieve this, it will explore ways to enhance investor and consumer protection, boost market confidence and safeguard digital asset investors.
Additionally, the council plans to assess the potential benefits and risks of stablecoins and develop regulatory frameworks that balance financial stability with innovation. It also addresses the growing need for professional custody services for virtual assets and develops corresponding regulatory measures to support this demand.Hong Kong’s take on the industry
In July 2023, the government of Hong Kong formed a task force comprising 15 industry participants and 11 key government officials to oversee the development of Web3 and focus on ethically promoting its growth.
However, the number of crypto exchanges seeking operational licenses in Hong Kong is steadily decreasing. On May 13, crypto exchanges IBTCEX and QuanXLab withdrew their applications, initially filed in February 2024.
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