Hong Kong Seeks Global Input for Developing Web3 Policies

In a move to remain competitive and keep up with the world, Hong Kong is taking measures involving developing robust policies and regulatory frameworks for Web3.  Defined as the new iteration of the internet, Web3 incorporates decentralization and promises transparent and secure interaction in the digital space. At its core, this new version of the internet empowers users by getting rid of go-betweens through decentralized networks.

According to a recent post on X (formerly Twitter), the Hong Kong Legislative Council has established a dedicated subcommittee to oversee the development of Web3 and virtual assets in China’s Special Administrative Region (SAR). The committee comprises industry experts and relevant government officials. This move underscores Hong Kong’s commitment to innovation and regulatory clarity in the digital space and establishes it as a hub for Web3 innovation.

Hong Kong, known as the world’s leading financial center and committed to a free market network, recognizes the benefits of Web3. The established committee will engage with leaders in the global tech community by hosting international conferences, taking part in cross-border regulatory dialogues, and setting up advisory panels involving legal scholars, industry leaders and experts in blockchain technology. Doing this will ensure that Hong Kong crafts Web3 policies that are both favorable and forward thinking.

The subcommittee tasked with overseeing the Web3 policy development is focused on the following critical areas: enhancing international cooperation, supporting Decentralized Autonomous Organizations (DAOs) and attracting Web3 talent. While doing this, the committee will ensure that it balances key aspects such as technical, legal and regulatory frameworks to support Web3 innovation while at the same time ensuring compliance.

In addition to the development of the Web3 policy, the committee is also focused on the digital asset industry. The digital asset industry in Hong Kong is expected to grow at the annual rate of 10.82% and reach a projected total amount of $411 billion by the year 2028. The legislative council plans to ensure that this goal is reached by facilitating growth through means such as enhancing investor and consumer protection, safeguarding investors of digital assets and boosting overall market confidence.

Furthermore, the council is committed to ensuring it provides a favorable environment for startups and ensuring consumers are protected from risks related to unregulated markets. They will achieve this by designing policies that give both entrepreneurs and investors peace of mind while safeguarding user interests.

As more jurisdictions take the proactive approach to regulating Web3 the way Hong Kong is doing, more entities, such as Horizon Fintex, will integrate more of these technologies to serve their customers better and cost effectively.

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