Hong Kong is taking significant steps to embrace the future of Web3 and virtual assets, with a newly established subcommittee dedicated to driving development and policy formation in this space. Wu Jiezhuang, a member of the Hong Kong Special Administrative Region Legislative Council, has announced the subcommittee's formation and its intention to seek global industry opinions to shape policy suggestions and future development directions.

The subcommittee is focused on addressing key policy issues related to Web3, including balancing foundational technology with legal and regulatory frameworks, cooperating with the country to establish Hong Kong as an international Web3 center, integrating artificial intelligence and Web3 technology, and improving the AI regulatory system. Additionally, the subcommittee is exploring policy and legal suggestions for decentralized autonomous organizations (DAOs) to support their healthy development in Hong Kong.

In the virtual asset space, the subcommittee is seeking suggestions for measures that benefit industry development, strengthening investor and consumer protection, and exploring potential application scenarios and risks of stablecoins in Hong Kong. The goal is to establish a regulatory system that protects financial stability without hindering innovation. Furthermore, the subcommittee is researching the demand for professional custody services and corresponding regulatory measures.

By seeking global industry opinions, Hong Kong aims to become a global Web3 center, attracting talent and driving innovation in this space. The subcommittee's efforts will play a crucial role in shaping the future of Web3 and virtual assets in Hong Kong, and its outcomes will be closely watched by industry stakeholders and regulators alike.

As Hong Kong embarks on this exciting journey, it is clear that the city is committed to embracing the potential of Web3 and virtual assets. With a collaborative approach and a focus on innovation, Hong Kong is poised to become a leader in this rapidly evolving space, driving growth and opportunities for all stakeholders involved.