Hong Kong is back in Web3 news again, this time after a member of the Legislative Council (LegCo), Johny Ng Kit-Chong, announced the council is seeking ideas about how to direct the future of Web3 and digital assets in the region.
According to a post on X, the recently established Subcommittee on Web3 and Asset Development, which aims to promote Hong Kong as a global hub for Web3 innovation, is soliciting feedback from Web3 industry leaders worldwide.
The goal of the subcommittee will be to balance legal, technical, and regulatory frameworks to create an environment where Web3 can flourish. The council hopes to foster Web3 tech innovation and infrastructure, while at the same time creating clear legislation that ensures safety, consumer protections, and legal oversight throughout the industry.
Ng’s post on X calls for feedback related to the regulation of Artificial Intelligence (AI), exploring the convergence of AI and Web3 tech, creating sound regulations for Decentralized Autonomous Organizations (DAOs), and laying out a plan to foster talent in Web3 in the region.
Ng and the Subcommittee are also looking for “recommendations for measures conducive to the development of the virtual asset industry,” with a focus on consumer protections and boosting market confidence. Furthermore, the council will analyzing the risks and benefits of stablecoins and creating regulatory framework to balance them.
The subcommittee will review opinions from industry leaders before proposing policy suggestions to the Legislative Council. Proposals can be sent via DM on X.
Asian Countries Investing Heavily in Web3
A legislative subcommittee of one of the world’s most significant financial centers seeking feedback from global Web3 leaders is significant. It reveals not only Hong Kong’s bullishness on Web3, but also their open-mindedness and willingness to learn from experts.
But Hong Kong isn’t the only region of Asia that’s intent on becoming a global Web3 hub. At Rarity Sniper, we’ve covered several articles about Asian countries investing in Web3. Here are some of the top stories:
- June 2024. South Korea FSC: Certain NFTs to be Excluded from Regulation Act
- April 2024. Animoca Brands Japan Opens Doors for Foreign NFT Collection
- February 2024. Japan Approves Bill to Open Up Domestic Investments in Web3
- August 2023. Singapore Monetary Authority Unveils $150 SGD Million Web3 Fund
- December 2023. China Unveils Plan to Boost NFTs, Web3 Ecosystem
- March 2022. South Korea to Invest $186.7 Million in the Metaverse
For many countries and regions in Asia, it’s clear that Web3 technology will play a pivotal role in their futures. If Hong Kong can walk the tightrope of fostering Web3 innovation while also providing clear laws and regulations that reduce risks, it could become an example to the rest of Asia and the world.
Of course, all of this will take time to play out, and it will be interesting to see where Hong Kong is in a couple of years in regard to Web3. But asking for advice from global Web3 leaders certainly seems like a wise first step.