Johnny Ng Keat Chung, a member of Hong Kong’s Legislative Council, said a search was underway

Global industry opinions are now being sought to propose policy recommendations and thematic discussions on the future direction of Web3 and the development of the virtual assets industry, said Hong Kong Legislative Council member Johnny Ng Keat Chung Kong.

According to an article on the social platform

What are you looking for in Hong Kong

The proposal will be studied in detail, summarized and submitted to the government via the Legislative Council platform. This 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 important aspects of Web3 policy development, including balancing technical, legal and regulatory frameworks to create a cohesive environment that supports the technical and legal aspects of Web3, ensuring strong and clear regulations.

The Council also seeks feedback on strengthening international cooperation to make Hong Kong a globally connected Web3 platform. This includes exploring the convergence of AI and Web3 technology to improve the regulation of artificial intelligence (AI).

source: Johnny Ng-Kate Chung

This also includes formulating policies to support the healthy development of decentralized autonomous organizations (DAOs) and developing strategies to attract and nurture talent in Web3 technology and financial innovation.

Apart from the Web3 policy, the Legislative Council is also focusing on the virtual assets sector and seeking to identify measures to facilitate its growth in Hong Kong. To achieve this, it explores ways to improve investor and consumer protection, enhance market confidence, and protect investors and consumers of virtual assets.

Additionally, the Council plans to evaluate the potential benefits and risks of stablecoins and develop regulatory frameworks that balance financial stability and innovation. It also addresses the growing need for professional custody services for virtual assets and develops corresponding regulatory measures to support this demand.

Hong Kong’s take on the industry

In July 2023, the Hong Kong government established a task force consisting of 15 industry participants and 11 key government officials to oversee the development of Web3 and focus on promoting its growth in an ethical manner.

However, the number of cryptocurrency exchanges seeking operational licenses in Hong Kong is steadily decreasing. On May 13, cryptocurrency exchanges IBTCEX and QuanXLab withdrew their applications, originally submitted in February 2024.

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