Hong Kong Legislative Council Seeks Global Input to Boost Web3 and Virtual Asset Growth
Summary:
Hong Kong Legislative Council member Johnny NG Kit-Chong is calling for global industry input for policy recommendations on Web3 and virtual asset growth. The goal is to shape policy, attract talent, foster international cooperation, and firm Hong Kong's position as a global Web3 hub. The Council also seeks to design strategies for DAOs' growth, enhance investor protection, assess stablecoins' risks and benefits, and respond to the rising need for professional custodian services for digital assets.
Johnny NG Kit-Chong, a member of Hong Kong's Legislative Council, is presently soliciting suggestions globally to put forth policy ideas and focus discussions for furthering the Web3 and digital assets sector. He reported on the X social platform that a subcommittee focussed on the growth of Web3 and virtual assets has been formed within the Council aiming to boost their evolution in Hong Kong. Detailed examination of the ideas received will follow, leading to synthesized results presented to the government via the Legislative Council.
The main goal of the endeavor is to redefine the policy and regulatory framework in Hong Kong, making it the epicenter for Web3 innovation worldwide. The Council eagerly invites input on how to balance technological, legal and regulatory elements to foster an environment conducive to Web3, with a focus on ensuring clarity in regulations.
Looking to cement Hong Kong's role as a global Web3 hub, the Council is also keen on inputs for improving international cooperation. Additionally, it seeks to delve into how Web3 and artificial intelligence intersect for improving AI regulation. The Council is also considering the creation of policies supporting the healthy growth of Decentralized Autonomous Organizations (DAOs), and strategies to attract and foster Web3 tech and financial innovation talent.
Along with focusing on Web3 principles, the Council is looking at strategies to facilitate the digital asset industry's growth, identifying actions that could protect investors and consumers, stimulate market optimism, and secure digital asset investors.
A significant aspect of the Council's plan is determining potential benefits and risks associated with stablecoins and developing regulatory guidelines that balance financial stability and innovation. It also looks at the escalating demand for professional custodian services for virtual assets, creating regulatory measures to cater to this need.
In July 2023, Hong Kong's government assembled a 26-member task force, including 15 industry participants and 11 government officials, focusing on guiding the ethical development of Web3.
Despite these efforts, there's been a decline in crypto exchanges applying for operational licenses in Hong Kong. On May 13, crypto exchanges IBTCEX and QuanXLab withdrew their applications, which were originally filed in February 2024.
Published At
6/22/2024 3:35:11 PM
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