Hong Kong legislator seeks global insights in making it a web3 hub

Hong Kong legislator Johnny Ng is on a mission to transform Hong Kong into a global Web3 hub. To achieve this, he is seeking insights from Web3 builders all over the world on various aspects, such as the integration of AI and Web3, the role of DAOs, talent cultivation, stablecoins, and custody services.

He states:

I welcome suggestions from the global Web3 industry. Please send your proposals. I will study them in detail and summarize them to present to the government through the Legislative Council platform.

Johnny said he wants to gather comprehensive feedback to shape Hong Kong’s policies and make it a prime destination for Web3 development. His announcement highlighted the establishment of a Subcommittee on Web3 and Virtual Asset Development by the HKSAR Legislative Council.

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The goal of this subcommittee is to promote the growth of Web3 and virtual assets in Hong Kong by formulating policies based on industry insights. To aid in this endeavor, he has publicly reached out to the global Web3 community, asking for their thoughts and suggestions on various topics.

Johnny emphasized the importance of balancing and promoting Web3’s basic technology, legal, and regulatory framework. Hong Kong wants to develop a strong yet flexible regulatory environment that can adapt to the rapid advancements in Web3.

This includes creating a legal framework that can handle the complexities of blockchain technology while ensuring that innovation is not stifled.

Furthermore, Johnny pointed out the necessity for Hong Kong to align its Web3 strategy with national interests. This means working closely with mainland China to position Hong Kong as a global Web3 hub.

Hong Kong can leverage its unique position to become a leading player in the global Web3 industry by fostering cooperation and collaboration. Johnny said another critical area of focus is integrating artificial intelligence (AI) with Web3 technology.

He wants to understand how AI can be integrated with Web3 to improve its capabilities and how the regulatory systems for AI can be improved. This intersection of technologies presents opportunities and challenges that need to be addressed through thoughtful policy-making.

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Another aspect Johnny is exploring is the role of decentralized autonomous organizations (DAOs) in Hong Kong. He is looking for policy and regulatory recommendations that can support the healthy development of DAOs in Hong Kong.

Johnny is also interested in exploring the potential application scenarios and risks of stablecoins in Hong Kong. The legislator wants insights into how stablecoins can be regulated to ensure financial stability without hindering innovation.

Jai Hamid