- The Legislative Council has reportedly formed a subcommittee to encourage the growth.
- Attracting and retaining talent in Web3 tech and financial innovation is also a part of this.
The future of Web3 and the growth of the virtual assets sector is being discussed thematically, and members of the Hong Kong Legislative Council, such as Johnny NG Kit-Chong, are currently seeking industry views in order to make legislative suggestions.
The Legislative Council has reportedly formed a subcommittee. This is to encourage the growth of Web3 and virtual assets in Hong Kong, as reported on the X social media platform. After careful consideration, the plan will be streamlined and sent to the government via the Legislative Council platform.
Global Web3 Center
To ensure strong and clear regulations, as well as a cohesive environment that backs Web3’s technical and legal objectives, the Hong Kong Legislative Council is diligently looking for feedback on various crucial elements of Web3 policy development.
The Council is particularly keen to hear thoughts on how they might strengthen international collaboration. In order to establish Hong Kong as a global Web3 center. In order to better regulate artificial intelligence (AI), this entails investigating how AI and Web3 technologies are converging.
Attracting and retaining talent in Web3 technology and financial innovation is also a part of this. As is formulating rules to encourage the robust growth of Decentralized Autonomous Organizations (DAOs).
The Legislative Council is not only considering the Web3 policy, but also the virtual asset sector and how to best support its development in Hong Kong. In pursuit of this goal, it investigates potential measures to better protect virtual asset investors and consumers, increase market trust, and strengthen investor and consumer protections. The Council intends to create regulatory frameworks that strike a balance between financial stability and innovation.
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