Johnny Ng, a Hong Kong lawmaker, said his team is gathering policy feedback from the global Web3 industry after establishing a subcommittee on cryptocurrencies under the Legislative Council.
“To promote the development of Web3 and virtual assets in Hong Kong, the HKSAR Legislative Council recently established the Web3 and Virtual Asset Development Sub-Committee. My office seeks to gather insights into the global Web3 industry, propose policy recommendations and discuss the future direction of the industry in Hong Kong.”
To promote the development of Web3 and virtual assets in Hong Kong, the HKSAR Legislative Council recently established a Subcommittee on Web3 and Virtual Asset Development. My office seeks to gather insights from the global Web3 industry, proposes policy recommendations, and… pic.twitter.com/836ofG5XCK
— Johnny Ng 吴杰庄 (@Johnny_nkc) June 22, 2024
The main focus of the new subcommittee – chaired by Ng – includes strengthening the protection of crypto investors, ensuring financial stability without hindering stablecoin innovation, and exploring regulatory measures. for professional cryptocurrency custody services.
Ng’s office is also calling for policy proposals to develop artificial intelligence and Web3 integration, as well as regulatory recommendations for DAOs.
Unlike mainland China’s broader crackdown on cryptocurrency trading and mining, Hong Kong rolled out the welcome mat to crypto companies last year. In June 2023, Hong Kong officially started its cryptocurrency licensing regime for cryptocurrency trading platforms, allowing licensed exchanges to provide retail trading services.
In April, Hong Kong has debuted Spot Bitcoin and Ether ETFs. Animoca Brands President Yat Siu said that regulators and industry players are discuss the ability to put staking into spot Ether ETFs, which could serve as a “competitive advantage.”
Julia Leung, chief executive of the Hong Kong Securities and Futures Commission, said earlier this month that Bitcoin has clearly shown its staying power as an alternative asset.
Itadori
According to The Block
