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Web3 Development in Hong Kong: Global Businesses Invited

Web3

According to a member of the Hong Kong Legislative Council, Johnny NG Kit-Chong, comments on the future direction of Web3 and virtual asset industry development are now sought from worldwide businesses to make policy proposals and thematic debates.

A post on the X social platform claims that in order to advance Web3 and virtual asset development in Hong Kong, the Legislative Council created a subcommittee on Web3 and virtual asset development.

After a thorough study, the proposal will be compiled and presented to the government via the Legislative Council channel. With this project, Hong Kong’s policy and regulatory scene should be shaped and positioned as a worldwide hub for Web3 innovation.

Global Collaboration for Web3

The Hong Kong Legislative Council is actively seeking comments on several important facets of Web3 policy development, including balancing technical, legal, and regulatory frameworks to create a cohesive environment supporting the technical and legal aspects of Web3, ensuring strong and clear regulations.

Comments on improving international cooperation would also be of interest to the Council in order to support Hong Kong’s status as an internationally linked Web3 hub. Investigating the junction of artificial intelligence (AI) control with Web3 technologies can help advance AI.

Developing regulations to assist the healthy growth of Decentralized Autonomous Organizations (DAOs) and creating plans to draw on and foster expertise in Web3 technology and financial innovation also constitute part of it.

Apart from the Web3 policy, the Legislative Council is also concentrating on the virtual asset sector and seeking to find policies to support its expansion in Hong Kong. It looks at strategies to reach this by strengthening consumer and investor protection, raising market trust, and safeguarding virtual asset investors and consumers.

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The Council also intends to evaluate the possible advantages and hazards of stablecoins and create legal systems that strike a compromise between financial stability and creativity. It also considers the growing need for professional custody services for virtual assets and creates related legislative measures to satisfy this demand.

 

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