The Hong Kong Legislative Council is reaching out to the global community for feedback on key aspects of Web3 and virtual asset policy development. This initiative aims to balance technical, legal, and regulatory frameworks.
Global Opinions Wanted
Johnny NG Kit-Chong, a member of the Hong Kong Legislative Council, announced that the council is seeking opinions from the global industry. These will help shape policy recommendations and guide thematic discussions on the future of Web3 and virtual assets.
A post on the X social platform revealed that the Legislative Council has formed a subcommittee dedicated to promoting Web3 and virtual asset development in Hong Kong.
Areas of Focus
The council’s proposal will be thoroughly examined and submitted to the government. This effort aims to position Hong Kong as a leading hub for Web3 innovation by shaping its policy and regulatory landscape.
The council is particularly interested in feedback on:
- Balancing technical, legal, and regulatory frameworks to create a supportive environment for Web3.
- Enhancing international cooperation to establish Hong Kong as a globally connected Web3 hub.
- Exploring the integration of artificial intelligence with Web3 technology to improve AI regulation.
- Developing policies to support Decentralized Autonomous Organizations (DAOs).
- Strategies to attract and nurture talent in Web3 technology and financial innovation.
Virtual Asset Industry Focus
In addition to Web3, the Legislative Council is also concentrating on the virtual asset industry. It seeks to identify measures to facilitate industry growth, enhance investor and consumer protection, boost market confidence, and safeguard virtual asset investors and consumers.
The council will also assess the benefits and risks of stablecoins and develop regulatory frameworks that balance financial stability with innovation. Additionally, it aims to address the need for professional custody services for virtual assets and establish corresponding regulatory measures.
Hong Kong’s Industry Approach
In July 2023, the Hong Kong government created a task force with 15 industry participants and 11 key government officials to oversee the ethical promotion of Web3 development.
Despite these efforts, the number of crypto exchanges seeking licenses in Hong Kong is decreasing. For instance, on May 13, IBTCEX and QuanXLab withdrew their applications, initially filed in February 2024.
Summary Review:Hong Kong is actively seeking global input to refine its Web3 and virtual asset policies. This initiative reflects its commitment to becoming a global leader in digital innovation while ensuring robust regulatory frameworks and protections for all stakeholders.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
