Hong Kong Seeks Global Input on the Future of Web3 and Digital Assets

Johnny NG Kit-Chong, a member of Hong Kong's Legislative Council, has initiated a global consultation to gather insights from industry stakeholders regarding policy recommendations and thematic discussions on the future trajectory of Web3 and digital assets. The proposal aims to meticulously analyze feedback, synthesize findings, and present them to the government through the Legislative Council. 

The council is soliciting input on various critical aspects of Web3 policy formulation, including harmonizing technical, legal, and regulatory frameworks to foster an integrated environment conducive to Web3 development, underpinned by clear and robust regulations.

Furthermore, the council is seeking perspectives on enhancing international collaboration to consolidate Hong Kong's role as a globally interconnected Web3 hub. This includes exploring intersections between artificial intelligence and Web3 technologies to enhance AI governance.

Additionally, the council aims to formulate policies supportive of the sustainable growth of decentralized autonomous organizations (DAOs) and devise strategies to attract and cultivate talent in Web3 technologies and financial innovation.

Beyond Web3 policies, the Legislative Council is focusing on the digital asset industry and exploring avenues to facilitate its expansion in Hong Kong. This involves identifying measures to enhance protection for investors and consumers, bolster market confidence, and safeguard participants in the digital asset space.

Moreover, the council intends to evaluate the potential benefits and risks associated with stablecoins, while developing regulatory frameworks that strike a balance between financial stability and innovative advancements. It also addresses the increasing demand for professional custody services for virtual assets and aims to implement corresponding regulatory measures to support this burgeoning sector.