Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Hong Kong Seeks Policy Ideas to Boost Web3 and Virtual Asset Growth

Hong Kong Seeks Policy Ideas to Boost Web3 and Virtual Asset Growth

Cryptonews2024/06/24 08:07
By:Hongji Feng
Hong Kong Seeks Policy Ideas to Boost Web3 and Virtual Asset Growth image 0

The Legislative Council (LegCo) of Hong Kong is calling for web3 and virtual asset policy ideas to foster industry growth.

According to a recent social media post by the LegCo member Johnny Ng, the Council has established a Subcommittee on Web3 and Virtual Asset Development to gather industry opinions and propose policy suggestions.

Hong Kong LegCo Subcommittee Calls for Suggestions


Ng detailed several key areas for developing Hong Kong’s web3 landscape. He emphasized the need to balance and promote the foundational technologies and regulatory measures. This involves creating an infrastructure that supports technological advancement while ensuring compliance and legal oversight.

The post highlighted the importance of cooperation with national efforts to position Hong Kong as a global web3 hub . This collaboration aims to leverage the region’s strategic advantages and integrate them with broader national initiatives.

Ng pointed out the necessity of integrating artificial intelligence with web3 technologies and improving AI regulatory systems. He also called for policy and regulatory recommendations for decentralized autonomous organizations (DAOs) and cultivating talent for the ecosystem.

Advancing Web3 and Virtual Asset Sectors


Ng also outlined several strategies to foster the virtual asset sector, including creating a supportive environment through favorable policies and infrastructure.

Enhancing the protection of virtual asset investors and consumers is another critical focus. Ng emphasized the need for robust regulatory frameworks to boost market confidence and ensure investor security.

He addressed the potential uses and risks associated with stablecoins in Hong Kong and proposed regulatory systems that maintain financial stability while encouraging innovation.

In addition, Ng highlighted the growing demand for professional custody services due to the increase in virtual assets, suggesting that research into appropriate custody methods and regulatory measures is essential to support this growth.

“I welcome suggestions from the global Web3 industry,” stated Ng. “I will study them in detail and summarize them to present to the government through the Legislative Council platform.”

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

1MCHEEMSUSDT now launched for futures trading and trading bots

Bitget has launched 1MCHEEMSUSDT for futures trading with a maximum leverage of 20, along with support for futures trading bots, on November 25, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. 1MCHEEMSUSDT-M perpetual futures: Parameters Details

Bitget Announcement2024/11/25 09:01

Token listing: Instantly buy/sell BTC with EUR & BRL via cash conversion!

Bitget users can now instantly buy or sell BTC with EUR or BRL balances via cash conversion! Buy/Sell Crypto Tips: Enjoy a transaction fee rebate in USDT on your first cash conversion transaction! Additional perks >>> Flash Monday: Buy crypto with a credit/debit card for zero fees >>> Flash Thursda

Bitget Announcement2024/11/25 08:12

Orbiter Finance collaborates with the Ethereum Foundation and the University of California, Santa Barbara to enhance the security model of bridging p

Since its establishment in 2021, Orbiter has been deeply exploring security, aiming to become a reliable infrastructure in the cross-chain field.

Chaincatcher2024/11/25 07:55

OXTUSDT now launched for futures trading and trading bots

Bitget has launched OXTUSDT for futures trading with a maximum leverage of 25, along with support for futures trading bots, on November 25, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. OXTUSDT-M perpetual futures: Parameters Details Listing t

Bitget Announcement2024/11/25 07:50