The Hong Kong Legislative Council’s blockchain policy group has invited suggestions and proposals on the crypto sector, its development, and its adoption.
The Hong Kong Legislative Council has created a subcommittee on developing the virtual assets and blockchain industry. This blockchain policy group has now invited proposals on various aspects of the industry, including legal, technical, and regulatory factors and feedback on other matters.
Meanwhile, the subcommittee officially describes its goal as “to review the application and development of Web3 and virtual asset technologies in Hong Kong and make recommendations on the implementation of relevant legislation and policies.”
Along the same lines, it has urged the virtual assets industry to help it design helpful policies. One of the subcommittee members, Johnny NG Kit-Chong, took to social media to explain the initiative. He said the subcommittee aimed to position Hong Kong as a leader in the virtual assets space. Further, he said they would prefer integrated blockchain and artificial intelligence development.
The member also stated they would like to promote decentralized autonomous organizations in Hong Kong. At the same time, they would promote new talent in the industry.
Next, they would go for boosting market confidence with protection of virtual asset investors and consumers. Other important areas included regulation for stablecoins, and exploring demand for professional custody services.
He said they were expecting industry suggestions for all the mentioned goals.
With this action, Hong Kong has added a new item to its list of crypto-friendly activities. It had just announced the progress of its digital asset tokenization project in May 2024. Except for the US and Australia, Hong Kong is the only region in the world to have spot crypto ETFs. Industry firms in Hong Kong are also amidst new projects and innovative ventures in crypto.
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