Hong Kong Legislative Council member Johnny NG Kit-Chong has announced that they are seeking input from the global industry to propose policy recommendations and hold discussions on the future direction of Web3 and the development of the virtual assets industry. This move is part of the establishment of a subcommittee on Web3 and virtual asset development by the Legislative Council, aimed at promoting the growth of these sectors in Hong Kong.
The proposal will undergo a detailed study and will be summarized before being submitted to the government through the Legislative Council platform. The ultimate goal is to shape Hong Kong’s policy and regulatory landscape, positioning it as a leading global hub for Web3 innovation.
The Hong Kong Legislative Council is actively seeking feedback on various crucial aspects of Web3 policy development. This includes finding a balance between technical, legal, and regulatory frameworks to create an integrated environment that supports the technical and legal aspects of Web3, ensuring the establishment of robust and clear regulations.
The Council is also interested in receiving feedback on enhancing international cooperation to strengthen Hong Kong’s position as a globally connected Web3 hub. This involves exploring the convergence of artificial intelligence and Web3 technology to improve AI regulation.
In addition to Web3 policy, the Legislative Council is focusing on the virtual asset industry and aiming to identify measures that can facilitate its growth in Hong Kong. This includes finding ways to enhance investor and consumer protection, boost market confidence, and safeguard the interests of virtual asset investors and consumers.
Furthermore, the Council plans to assess the potential benefits and risks of stablecoins and develop regulatory frameworks that balance financial stability with innovation. It also recognizes the growing need for professional custody services for virtual assets and intends to develop corresponding regulatory measures to support this demand.
Hong Kong’s approach to the industry involves a task force formed in July 2023, consisting of 15 industry participants and 11 key government officials. This task force is responsible for overseeing the development of Web3 and focusing on promoting its growth in an ethical manner.
However, it is worth noting that the number of crypto exchanges seeking operational licenses in Hong Kong is declining. Recently, on May 13, crypto exchanges IBTCEX and QuanXLab withdrew their applications, which were initially filed in February 2024.
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