Hong Kong Parliament Establishes Subcommittee for Crypto Legislation

Hong Kong is launching a subcommittee to focus on drafting cryptocurrency regulations, at strives to be a leading regional hub for digital assets.

Johnny Ng Kit-Chong, a member of the Hong Kong Special Administrative Region Legislative Council, announced the group via X/Twitter.

"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," he stated in a post on his own feed.

"My office seeks to gather insights from the global Web3 industry, propose policy recommendations, and discuss the future direction of the industry in Hong Kong."

A self-regulatory committee in Hong Kong was discussed earlier this year by the Hong Kong Securities & Futures Professionals Association (HKSFPA) to oversee compliance in its crypto industry.

“Many economically developed regions in the world have established statutory semi-official industry self-regulatory institutions to focus on industry development,” the group said.

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The new subcommittee will focus on Web3 policies and virtual assets in order to create a balanced regulatory framework to promote growth while protecting investors.

For Web3 policies, the subcommittee's primary goal is to promote the growth of Web3 technologies within a structured regulatory framework. Additionally, the subcommittee will explore integrating artificial intelligence (AI) into the Web3 framework to improve the efficiency and security of blockchain-based applications.

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Regarding virtual assets, the subcommittee will prioritize investor and consumer protection. This includes establishing regulations to enhance market confidence and reduce risks linked to digital assets, as well as evaluating the potential uses and risks of stablecoins in Hong Kong.

Elsewhere in Asia, a new report by Nomura has shown that more than half of Japanese investment managers intend to invest in crypto.

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62% regarded crypto as a diversification opportunity alongside cash, stocks, and other traditional assets. 88% of those with a "high" knowledge level took the same view, which indicates that a depth of knowledge "could influence how respondents see crypto assets."