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The Hong Kong Legislative Council is actively seeking feedback on several key aspects of Web3 policy development, including balancing technical, legal and regulatory frameworks.
Hong Kong Legislative Council member Wu Jiezhuang said that he is soliciting opinions from the global industry and put forward policy suggestions and special discussions on the future development direction of the Web3 and virtual asset industries.
According to a post by X social platform, the Legislative Council has established a subcommittee on Web3 and Virtual Assets Development to promote the development of Web3 and Virtual Assets in Hong Kong.
What is Hong Kong looking for
The proposal will be studied, summarized in detail, and submitted to the government through the Legislative Council platform.The initiative aims to shape Hong Kong’s policy and regulatory landscape, positioning it as a global hub for Web3 innovation.
The Hong Kong Legislative Council is actively seeking feedback on several key aspects of Web3 policy development, including balancing technology, legal and regulatory frameworks to create a cohesive environment that supports Web3 technology and legal aspects, ensuring strong and clear regulation.
The Council is also interested in learning about feedback on strengthening international cooperation to consolidate Hong Kong’s position as a global connected Web3 hub.This includes exploring the convergence of artificial intelligence and Web3 technologies to improve artificial intelligence (AI) regulation.
It also involves developing policies to support the healthy development of decentralized autonomous organizations (DAOs) and developing strategies to attract and nurture Web3 technology and financial innovation talents.
In addition to Web3 policy, the Legislative Council is also focusing on the virtual asset industry and seeking to develop measures to promote its development in Hong Kong.To achieve this, it explores ways to strengthen investor and consumer protection, boost market confidence, and protect virtual asset investors and consumers.
In addition, the Council plans to assess the potential benefits and risks of stablecoins and develop a regulatory framework that balances financial stability with innovation.It also addresses the growing demand for professional custody services for virtual assets and has formulated corresponding regulatory measures to support this demand.
Hong Kong’s view of the industry
In July 2023, the Hong Kong government formed a working group of 15 industry participants and 11 key government officials to oversee the development of Web3 and focus on promoting its development in an ethical way.
However, the number of cryptocurrency exchanges seeking operating licenses in Hong Kong is steadily declining.On May 13, cryptocurrency exchanges IBTCEX and QuanXLab withdraw their applications originally filed in February 2024.
