To become a global crypto hub, the Legislative Council of Hong Kong, or HKSAR, has recently announced a new subcommittee formed to draft detailed crypto laws.
The newly formed subcommittee aims to enhance regulatory frameworks, foster international cooperation, strengthen AI regulation, support DAOs, attract talent, and facilitate growth in the virtual asset industry.
Furthermore, HKSAR has announced that the Legislative Council member Johnny NG Kit-chong has been successfully elected as the Chairman of the Subcommittee.
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, propose policy recommendations, and… pic.twitter.com/836ofG5XCK
— Johnny Ng 吴杰庄 (@Johnny_nkc) June 22, 2024
On 22 June 2024, Kit-Chong took to X to ask for feedback on various web3 policy aspects, which included how to balance and promote the basic technology, legal, and regulatory framework of web3, how to cooperate with the nation to position Hong Kong as an international Web3 hub and more.
In a bid to invite global opinions on web3 and virtual assets future, Kit-Chong also asked for feedback on virtual asset aspects like recommendations for measures conducive to the development of the virtual asset industry and more.
The market is hailing it as a very smart move. Hong Kong seeking input and feedback from the industry, is predicted to help the country make an informed regulatory framework that will attract more web3 business.
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A New Era For Crypto Regulation in Hong Kong
Hong Kong authorities have prioritised making the region lucrative for web3 businesses.
The country is the latest to join the list of Asian regions that are accelerating efforts to establish a regulatory framework to oversee the crypto sector.
Even during the Bitcoin Asia Summit 2024, Kit-chong, who is also a member of the National Committee of the Chinese People’s Political Consultative Conference, gave in-depth interpretations of Web3 and a new chapter of digitalization.
#BitcoinAsia Summit kicked off! Johnny NG Kit-chong, a member of the National Committee of the Chinese People’s Political Consultative Conference, a member of the Hong Kong Legislative Council, and an advisor to Web3Labs, and Caspar Wong， the founder and CEO of Web3Labs, gave… pic.twitter.com/w64glehI1G
— Web3Labs.club🇭🇰🌍 (@Web3LabsClub) May 9, 2024
Hong Kong’s new regulatory regime, effective from 1 June 2023, is a response to the growing need for robust oversight in the rapidly evolving cryptocurrency market.
The framework, introduced under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, mandates that all crypto exchanges operating in Hong Kong must obtain a license from the Securities and Futures Commission.
The new regulations will attract more crypto startups to Hong Kong, including those that have left mainland China due to restrictive policies.
By providing a clear and comprehensive regulatory framework, Hong Kong aims to position itself as a leading destination for crypto businesses in Asia and beyond.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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