Hong Kong is in search of policy proposals to stimulate the growth of virtual assets and web3

The Legislative Council (LegCo) of Hong Kong is soliciting policy proposals for web3 and virtual assets in order to stimulate industry expansion.

Johnny Ng, a LegCo member, recently posted on social media that the Council has created a Subcommittee on Web3 and Virtual Asset Development to solicit industry input and suggest policy changes.

Ng outlined a number of critical areas for the development of Hong Kong’s web3 landscape. He emphasized the necessity of promoting and balancing the foundational technologies and regulatory measures. This entails the establishment of an infrastructure that facilitates technological advancement while simultaneously guaranteeing legal supervision and compliance.

The post emphasized the significance of collaborating with national initiatives to establish Hong Kong as a global web3 center. The objective of this collaboration is to capitalize on the strategic advantages of the region and integrate them with more comprehensive national initiatives.

Ng underscored the importance of enhancing AI regulatory systems and integrating artificial intelligence with web3 technologies. He also advocated for the development of talent for the ecosystem and the recommendation of policy and regulatory measures for decentralized autonomous organizations (DAOs).

Ng also delineated a number of strategies to promote the virtual asset sector, such as the establishment of a supportive environment through favorable policies and infrastructure.

Another critical focus is the improvement of the protection of virtual asset investors and consumers. Ng underscored the necessity of strong regulatory frameworks to enhance investor security and increase market confidence.

He discussed the potential applications and hazards of stablecoins in Hong Kong and suggested regulatory frameworks that promote innovation while preserving financial stability.

Furthermore, Ng emphasized the increasing demand for professional custody services as a result of the rise in virtual assets, highlighting the necessity of conducting research into suitable custody methods and regulatory measures to facilitate this expansion.

Ng declared, “I am open to suggestions from the global Web3 industry.” “I will conduct a comprehensive examination of them and compile a summary to present them to the government via the Legislative Council platform.”

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