Fun

Hong Kong invites global opinions on future of Web3 and digital assets

News Feed - 2024-06-22 09:06:11

Amaka NwaokochaJun 22, 2024Hong Kong invites global opinions on future of Web3 and digital assetsThe Hong Kong Legislative Council is actively seeking feedback on several critical aspects of Web3 policy development, including balancing technical, legal and regulatory frameworks.2829 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksHong Kong Legislative Council member Johnny NG Kit-Chong has said that opinions are now being sought from industry players worldwide to propose policy recommendations and thematic discussions on the future direction of Web3 and digital assets. 


According to a post on the X, the Legislative Council established a Subcommittee on Web3 and Virtual Asset Development to promote the development of Web3 and digital assets in Hong Kong.What Hong Kong is looking for


The proposal will be studied in detail, summarized and submitted to the government through the Legislative Council. This initiative aims to shape Hong Kong’s policy and regulatory landscape, positioning it as a global hub for Web3 innovation.


The council is seeking feedback on several critical aspects of Web3 policy development, including balancing technical, legal and regulatory frameworks to create a cohesive environment for the development of Web3, with robust and clear regulations.


The council is also seeking feedback on enhancing international cooperation to solidify Hong Kong’s position as a globally connected Web3 hub. This includes exploring the convergence of artificial intelligence and Web3 technology to improve AI regulation.Source: Johnny NG Kit-Chong


It also involves crafting policies to support the healthy development of decentralized autonomous organizations (DAOs) and developing strategies to attract and nurture talent in Web3 technology and financial innovation.


In addition to the Web3 policy, the Legislative Council is also focusing on the digital asset industry and looking to identify measures to facilitate its growth in Hong Kong. To achieve this, it will explore ways to enhance investor and consumer protection, boost market confidence and safeguard digital asset investors.


Additionally, the council plans to assess the potential benefits and risks of stablecoins and develop regulatory frameworks that balance financial stability with innovation. It also addresses the growing need for professional custody services for virtual assets and develops corresponding regulatory measures to support this demand.Hong Kong’s take on the industry


In July 2023, the government of Hong Kong formed a task force comprising 15 industry participants and 11 key government officials to oversee the development of Web3 and focus on ethically promoting its growth.


However, the number of crypto exchanges seeking operational licenses in Hong Kong is steadily decreasing. On May 13, crypto exchanges IBTCEX and QuanXLab withdrew their applications, initially filed in February 2024.


Magazine:The $2,500 doco about FTX collapse on Amazon Prime… with help from mom# Blockchain# Cryptocurrencies# Hong Kong# Government# Technology# Adoption# Web3Add reaction

News Feed

Bitcoin price could hit $63K amid $3.9B futures expiry
Zoltan Vardai12 hours agoBitcoin price could hit $63K amid $3.9B futures expiryBitcoin needs to hold above the $65,000 mark for more upside, while the Ether price is weighed down by a sell-the-news event, according to an
Goldman Sachs Warns Bitcoin Increasingly Vulnerable to Fed Rate Hikes as Mainstream Adoption Grows
Goldman Sachs Warns Bitcoin Increasingly Vulnerable to Fed Rate Hikes as Mainstream Adoption Grows Global investment bank Goldman Sachs has warned that bitcoin is increasingly vuln
Report: Chinese Metaverse Industry Raises $780 Million in Funding
Report: Chinese Metaverse Industry Raises $780 Million in Funding The Chinese metaverse industry has reportedly raised about $780 million in funding and there are expectations this
Localbitcoins User Pleads Guilty to Running Unlicensed Crypto Business — Faces Up to 5 Years in Prison
Localbitcoins User Pleads Guilty to Running Unlicensed Crypto Business — Faces Up to 5 Years in Prison A cryptocurrency trader has been convicted in the U.S. for operating an unl
Turkey targets crypto with new 0.03% transaction tax
Josh O"Sullivan9 hours agoTurkey targets crypto with new 0.03% transaction taxTurkey introduced a 0.03% tax on crypto transactions as part of a major fiscal reform to address the budget deficit caused by recent earthquak
BlackRock begins asset tokenization with launch of digital liquidity fund
Derek Andersen2 hours agoBlackRock begins asset tokenization with launch of digital liquidity fundThe world’s largest asset manager has taken “the next step forward” toward a single ledger, instantaneous settlement
Argentinian Government Raises Energy Costs Almost 4x for Cryptocurrency Miners
Argentinian Government Raises Energy Costs Almost 4x for Cryptocurrency Miners The Energy Secretary of Argentina eliminated power subsidies for cryptocurrency miners, raising the c
Amaka Nwaokocha12 hours agoVoyager to pay $1.1M in legal fees incurred in AprilCertain members holding high positions within the firm bill an hourly rate exceeding $2,000 for their professional services.2443 Total views1
New York Mayor Supportive of Mining Restrictions but Maintains Crypto Hub Objective
New York Mayor Supportive of Mining Restrictions but Maintains Crypto Hub Objective Mayor of New York City Eric Adams took a supportive, if somewhat veiled, stance on the partial c
Solana memecoin craze continues with Biden parody token reaching $250M market cap
Zhiyuan Sun7 hours agoSolana memecoin craze continues with Biden parody token reaching $250M market capThe price of the Boden token went on a wild run shortly after its launch on March 9.9087 Total views3 Total sharesLis
Hacker behind $2M crypto heist receives job offer from victim protocol
Arijit Sarkar13 hours agoHacker behind $2M crypto heist receives job offer from victim protocolDespite losing $2 million in a smart contract exploit, Bedrock offered the hacker a role to help secure its protocol and reco
77% of Millennials Have Fallen Prey to This 'Woke' Investment Scam
There is so much bad investing advice out there. As wonderful as the Internet has been for the free-flowing exchange of ideas, information, and transparency when it comes to securit