Hong Kong Establishes Legislative Subcommittee for Cryptocurrency Industry
In a significant development that highlights the progress of the sector in Hong Kong, a legislative subcommittee specifically for the cryptocurrency industry has been formed.
Johnny Ng, a lawmaker in Hong Kong, recently highlighted that there is a move to gather political feedback from the global Web3 industry following the establishment of a specific subcommittee for cryptocurrencies in the Legislative Council.
In a recent post on the X platform, the lawmaker emphasized the creation of a subcommittee for Web3 and virtual asset development by the Hong Kong parliament.
“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. 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. I appreciate feedback from creators in the global Web3 industry on the following topics to help position Hong Kong as a global Web3 hub,” wrote Ng.
Hong Kong Accelerates Cryptocurrency Regulation with Focus on Stablecoins and OTC Trading
In February, in a strategic move to strengthen security and transparency in the growing cryptocurrency market, Hong Kong announced that it was taking decisive action. The Secretary for Financial Services and the Treasury, Christopher Hui, announced the government’s intention to rapidly advance the regulation of stablecoins and over-the-counter (OTC) cryptocurrency trading. This announcement came at a critical time, where the increase in criminal activities related to cryptocurrencies has raised significant concerns.
The measures proposed by Hong Kong represent a significant step towards a safer and more regulated cryptocurrency ecosystem. By emphasizing the importance of licensing for stablecoin issuers and OTC trading platforms, the region is setting a precedent for other jurisdictions to follow, carefully balancing innovation with consumer protection.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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