Hong Kong Web 3.0 Association Advocates for Digital Asset Development

Key Points:

• The Hong Kong Web 3.0 Association suggests establishing an interdepartmental working group to formulate policies and measures supporting the development of digital assets within the region.
• The proposal includes creating an open permissioned blockchain, improving Web 3.0 technical expertise, accelerating the implementation of a Hong Kong stablecoin, and positioning Hong Kong as a digital asset hub for Web 3.0 through collaborative government initiatives.

The Hong Kong Web 3.0 Association is urging the government to take proactive measures in supporting the development of digital assets by proposing the establishment of an interdepartmental working group. 

The group’s purpose would be to study, formulate, and implement policies, laws, and measures that foster the growth of digital assets within the region. Chen Delin, the President of the Hong Kong Web 3.0 Association, presented this proposal as part of the association’s recommendations for the policy address. 

The proposal encompasses four key suggestions:

Creation of an Open Permissioned Blockchain Public Chain: The association calls for the development of an open, permissioned blockchain public chain that is both independently controllable and trusted by the public in this nation. Such a blockchain infrastructure would lay the foundation for secure and transparent digital asset transactions.

Enhancement of Web 3.0 Professional and Technical Competence: Hong Kong’s technical capabilities in the realm of Web 3.0 should be bolstered, enabling the region to remain at the forefront of technological advancements in this space.

Expedited Implementation of a Hong Kong Stablecoin: The proposal encourages the acceleration of efforts to introduce a stablecoin native to Hong Kong. This stable digital currency can provide stability and convenience for users within the region.

Establishment of Interdepartmental and Cross-Industry Working Groups: To ensure a comprehensive approach to digital asset development, the government should establish an interdepartmental working group. This group would offer specific recommendations on existing laws, policies, and measures. Additionally, a cross-industry working group would be dedicated to studying and implementing the necessary supportive policies, laws, and measures essential for the digitization of assets. These actions collectively aim to position Hong Kong as a prominent hub for digital assets and a transaction settlement center for Web 3.0.

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