Member of the Legislative Council of Hong Kong Johnny N.G. Equipment-Chong mentioned that the opinion of the worldwide business is now being sought to supply coverage suggestions and maintain topical discussions on the long run path of Web3 and the digital asset business.
In response to a publish on social platform X, the Legislative Council has established a Web3 and Digital Asset Growth Subcommittee to advertise the event of Web3 and digital belongings in Hong Kong.
What Hong Kong is in search of
The proposal can be studied intimately, summarized and submitted to the federal government via the platform of the Legislative Council. This initiative goals to form Hong Kong’s coverage and regulatory panorama, positioning it as a world hub for Web3 innovation.
The Hong Kong Legislative Council is actively searching for suggestions on a number of essential elements of Web3 coverage growth, together with the steadiness of technical, authorized and regulatory frameworks to create a cohesive setting that helps the technical and authorized elements of Web3 whereas making certain strong and clear rules.
The Council can also be curious about suggestions on increasing worldwide cooperation to strengthen Hong Kong’s place as a world Web3 hub. This contains exploring the convergence of synthetic intelligence and Web3 expertise to enhance synthetic intelligence (AI) regulation.
It additionally contains creating insurance policies to help the wholesome growth of Decentralized Autonomous Organizations (DAOs) and creating methods to draw and nurture expertise in Web3 expertise and monetary innovation.
Along with the Web3 coverage, the Legislative Council can also be specializing in the digital asset business and goals to establish measures to advertise its progress in Hong Kong. To attain this, it explores methods to extend investor and shopper safety, enhance market confidence and defend buyers and customers of digital belongings.
As well as, the Board plans to evaluate the potential advantages and dangers of stablecoins and develop a regulatory framework that balances monetary stability with innovation. It additionally addresses the rising want for skilled digital asset custody providers and develops acceptable regulatory measures to help this demand.
A Hong Kong view of the business
In July 2023, the Hong Kong authorities shaped a job drive of 15 business contributors and 11 key authorities officers to supervise the event of Web3 and give attention to ethically selling its progress.
Nevertheless, the variety of crypto exchanges searching for to acquire working licenses in Hong Kong is steadily reducing. On Could 13, crypto exchanges IBTCEX and QuanXLab withdrew their purposes initially submitted in February 2024.
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