Hong Kong Legislative Council member Johnny NG Kit-Chong is gathering feedback from the global industry to propose policy recommendations and thematic discussions on the future of Web3 and virtual assets. The Council has established a subcommittee to promote Web3 and virtual asset development in Hong Kong, aiming to position the city as a global hub for Web3 innovation. They are focusing on creating a regulatory environment that supports technical and legal aspects of Web3, enhancing international cooperation, and attracting talent in Web3 technology. Additionally, the Council is looking into measures to facilitate the growth of the virtual asset industry, including investor protection, market confidence, and regulatory frameworks for stablecoins and custody services. Despite this, the number of crypto exchanges seeking licenses in Hong Kong is declining, with some withdrawing their applications. Read more AI-generated news on: https://app.chaingpt.org/news