Global Responses on Web3. The future of Web3 and the development of the virtual assets industry is being discussed thematically, and members of the Hong Kong Legislative Council, such as Johnny NG Kit-Chong, are now seeking industry views to make policy suggestions. An X social media post states that the Legislative Council has formed a subcommittee to encourage the growth of global Responses on Web3 and virtual assets in Hong Kong.
What Hong Kong is Looking For
After a thorough evaluation, the plan will be streamlined and sent to the government via the Legislative Council platform. Positioning Hong Kong as a worldwide center for Global Responses to Web3 innovation is the goal of this project, which seeks to influence the city’s legislative and regulatory environment.
To support the technical and legal aspects of the Hong Kong Legislative Council, it is actively seeking feedback on various critical aspects of Web3 policy development. One of these aspects is creating a cohesive environment that balances technical, legal, and regulatory frameworks. Another aspect is the assurance of robust and transparent regulations.
The Council also welcomes feedback on strengthening international cooperation to establish Hong Kong as a globally connected Global Responses on Web3 hub. As part of this effort, we aim to better regulate artificial intelligence (AI) by combining AI with global Responses on It also includes developing plans to entice and develop talent in Web3 tech, financial innovation, and legislation to encourage the healthy growth of Decentralized Autonomous Organizations (DAOs).
Along with the . Policy, the Legislative Council is actively seeking ways to support the virtual asset industry’s expansion in Hong Kong. To accomplish this, it investigates potential solutions to the problems of consumer and investor protection, market trust, and the security of virtual assets.
The Council also intends to create regulatory frameworks that balance financial stability and innovation and evaluate stablecoins’ possible advantages and hazards. Global Responses on Web3. Additionally, it establishes regulatory measures to support the increasing demand for virtual asset custody services and solves this requirement.
Also Read: Best Web3 Gaming Platforms: A Complete Guide
Hong Kong’s Take on the Industry
Global Responses on Web3.The Hong Kong government established a task committee in July 2023 with 11 senior government officials and 15 representatives from the business to monitor the progress of Global Responses on Web3 and ethically encourage its development. There has been a consistent decline in the number of cryptocurrency exchanges applying for operating licenses in Hong Kong. After submitting their applications in February 2024, cryptocurrency exchanges QuanXLab and IBTCEX withdrew them on May 13.
