Johnny NG Kit-Chong seeks global industry input for Hong Kong’s Web3 and virtual asset policy recommendations through a new Legislative Council subcommittee.
Johnny NG Kit-Chong, a member of the Hong Kong Legislative Council, said that the global industry is being asked for their thoughts on how to move the Web3 and virtual assets industries forward.
This is so that policy suggestions and thematic talks can be made.
A post on the X social site said that the Legislative Council set up a subcommittee on Web3 and virtual asset development to help Hong Kong’s Web3 and virtual asset development.
The plan will be carefully looked over, summed up, and sent to the government through the Legislative Council platform.
The goal of this project is to change Hong Kong’s laws and rules so that it becomes a world center for Web3 innovation.
The Hong Kong Legislative Council wants your input on a number of important parts of developing Web3 policies.
For example, they want to know how to balance the technical, legal, and regulatory frameworks to make a cohesive environment that supports both the technical and legal aspects of Web3, making sure that the regulations are strong and clear.
The Council also wants to hear your thoughts on how to improve foreign cooperation to make Hong Kong even more of a global Web3 hub.
This includes looking into how artificial intelligence (AI) and Web3 technology can work together to make AI control better.
It also includes making rules to help Decentralized Autonomous Organizations (DAOs) grow in a healthy way and coming up with ways to find and develop talented people in Web3 technology and financial innovation.
Along with the Web3 policy, the Legislative Council is also paying attention to the virtual asset business and trying to find ways to help it grow in Hong Kong.
To do this, it looks into ways to protect investors and consumers better, boost market trust, and keep investors and consumers safe in virtual assets.
The Council also wants to look at the possible pros and cons of stablecoins and come up with rules that balance innovation with financial security.
It also takes into account the rising need for professional custody services for virtual assets and comes up with rules to meet that need.
In July 2023, the Hong Kong government put together a task group of 15 people from the industry and 11 important government officials to keep an eye on the growth of Web3 and make sure it was done honestly.
However, the number of crypto exchanges that want to open in Hong Kong is slowly going down. IBTCEX and QuanXLab, two cryptocurrency platforms, withdrew their applications on May 13. The applications were first sent in February 2024.
