According to Johnny Ng, a Hong Kong lawmaker, his team is currently gathering policy information from the global Web3 sector following the creation of a crypto subcommittee within the Legislative Council.
Ng has explained the subcommittee, led by himself, has been set up to focus on the development of Web3 and virtual assets in Hong Kong.
Its main objectives include protecting crypto investors, promoting stablecoin innovation while maintaining financial stability, and implementing regulations for professional cryptocurrency custodial services.
In addition, Ng's office is seeking recommendations on the integration of artificial intelligence and Web3, as well as regulations for decentralized autonomous organizations (DAOs).