The Hong Kong Web 3.0 Association is advocating for the advancement of digital assets in the region by recommending key policies and measures. The association, led by President Chen Delin, presented a proposal aimed at fostering digital asset growth as part of its policy address recommendations.
The proposal encompasses four crucial suggestions
- Creation of an Open Permissioned Blockchain Public Chain: The association calls for the development of an open, permissioned blockchain public chain that offers both independent control and public trust. This blockchain infrastructure would provide a secure and transparent foundation for digital asset transactions.
- Enhancement of Web 3.0 Professional and Technical Competence: Hong Kong’s technical capabilities in the Web 3.0 domain should be strengthened to ensure the region remains at the forefront of technological advancements.
- Expedited Implementation of a Hong Kong Stablecoin: The proposal encourages expediting efforts to introduce a native stablecoin for Hong Kong. Such a stable digital currency could offer stability and convenience for users in the region.
- Establishment of Interdepartmental and Cross-Industry Working Groups: To comprehensively address digital asset development, the government should establish an interdepartmental working group. This group would provide specific recommendations on existing laws, policies, and measures. Additionally, a cross-industry working group would focus on studying and implementing essential supportive policies, laws, and measures for asset digitization. These initiatives 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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