Hong Kong Legislative Council Member Advocates for Web3 and Virtual Asset Development

According to Odaily, Wu Jiezhuang, a member of the Hong Kong Special Administrative Region Legislative Council, has expressed his support for the development of Web3 and virtual assets in Hong Kong. He made this announcement on the X platform, stating that the Legislative Council had recently established a subcommittee to address matters related to the development of Web3 and virtual assets. The subcommittee is currently seeking global industry opinions to formulate policy suggestions and discuss future industry development directions. The proposed topics for discussion will undergo detailed research and summarization before being presented to the government through the Legislative Council platform. The global industry can provide opinions on these topics to help Hong Kong become a global Web3 center. Web3 policy issues include: how to balance and promote Web3 foundational technology, legal and regulatory frameworks; how to cooperate with the country to make Hong Kong an international Web3 center; the integration and development of artificial intelligence and Web3 technology and the improvement of the AI regulatory system; policy and legal suggestions for decentralized autonomous organizations (DAOs) to support and regulate the healthy development of DAOs in Hong Kong; how to cultivate and attract Web3 technology and financial innovation talents. Virtual asset issues include: suggestions for measures beneficial to the development of the virtual asset industry; how to strengthen the protection of virtual asset investors and consumers to boost market confidence; potential application scenarios and risks of stablecoins in Hong Kong, suggesting a regulatory system that protects financial stability without hindering innovation; exploring the rise of Hong Kong's virtual assets on the demand for professional custody services, and researching corresponding custody methods and regulatory measures.