Hong Kong Seeks Input to Drive Growth in Web3 and Virtual Asset Sectors
The Legislative Council (LegCo) of Hong Kong is actively seeking policy ideas to foster growth in the web3 and virtual asset industries. LegCo member Johnny Ng recently announced on social media that the Council has established a Subcommittee on Web3 and Virtual Asset Development to gather industry opinions and propose policy suggestions.
Ng outlined several key areas for developing Hong Kong’s web3 landscape. He emphasized the importance of balancing and promoting foundational technologies alongside regulatory measures. This entails creating an infrastructure that supports technological advancement while ensuring compliance and legal oversight.
One crucial aspect highlighted in the post is the need for collaboration with national efforts to position Hong Kong as a global web3 hub. By leveraging the region’s strategic advantages and integrating them with broader national initiatives, Hong Kong aims to establish itself as a leading player in the web3 industry.
Ng also stressed the necessity of integrating artificial intelligence (AI) with web3 technologies and enhancing AI regulatory systems. Furthermore, he called for policy and regulatory recommendations for decentralized autonomous organizations (DAOs) and the cultivation of talent within the ecosystem.
To foster growth in the virtual asset sector, Ng outlined several strategies, including creating a supportive environment through favorable policies and infrastructure. Additionally, there is a strong focus on enhancing the protection of virtual asset investors and consumers. Ng emphasized the need for robust regulatory frameworks to instill market confidence and ensure investor security.
Addressing the potential uses and risks associated with stablecoins in Hong Kong, Ng proposed regulatory systems that maintain financial stability while encouraging innovation.
Furthermore, Ng highlighted the growing demand for professional custody services due to the increase in virtual assets. He suggested that research into appropriate custody methods and regulatory measures is essential to support this growth.
“I welcome suggestions from the global Web3 industry,” stated Ng. “I will study them in detail and summarize them to present to the government through the Legislative Council platform.”
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