Hong Kong Legislative Council Seeks Global Input on Web3 and Virtual Asset Development

• Seeking global industry input for Web3 policy recommendations and thematic discussions.
• Established subcommittee on Web3 and virtual asset development to promote innovation.
• Initiative aims to position Hong Kong as a global hub for Web3 innovation.
• Focus on balancing technical, legal, and regulatory frameworks for Web3 development.
• Enhancing international cooperation and exploring AI integration in Web3 technology.
• Measures to support growth of virtual asset industry, investor protection, and stablecoins regulation.

Summary :
The Hong Kong Legislative Council is seeking opinions from the global industry to propose policy recommendations and discuss the future direction of Web3 and virtual asset development. They have established a subcommittee to promote the development of Web3 and virtual assets in Hong Kong and aim to shape the city as a global hub for Web3 innovation. The Council is actively seeking feedback on various aspects, including creating a supportive environment for Web3 through technical and legal frameworks, enhancing international cooperation, and exploring the convergence of artificial intelligence and Web3 technology. They are also focusing on the virtual asset industry and looking to facilitate its growth by enhancing investor and consumer protection, boosting market confidence, and developing regulatory frameworks. Additionally, they plan to assess the benefits and risks of stablecoins and address the need for professional custody services for virtual assets. However, the number of crypto exchanges seeking operational licenses in Hong Kong has been decreasing.

Sources :

- CoinTelegraph