TechFlow News, Hong Kong Legislative Council member Chan Chung Ni recently released a series of policy recommendations on "New Quality Productive Forces – Empowering Web3.0 Application Development in the Financial Sector." The lawmaker emphasized that Web3.0 is crucial for innovation, transformation, and efficiency enhancement in finance. He noted that Hong Kong holds advantages such as advanced financial infrastructure and a robust legal and regulatory system in developing its Web3.0 industry, but also faces challenges including financial risk management and data security.
To address these, he proposed several measures, including government-led development of long-term Web3.0 enabling infrastructure and the research and development of secure, privacy-protected, high-performance foundational blockchain platforms;
Accelerating the construction of a digital identity system and standards based on Hong Kong residents, with consideration to integrating it into the "Smart ID" platform;
Improving the compliance and regulatory framework for Web3.0 and encrypted digital domains, leveraging big data and artificial intelligence technologies for market risk monitoring;
Establishing a Web3.0 Industry Committee to formulate industry norms and standards;
Exploring innovative integration between Web3.0 and traditional finance, such as interconnectivity of data between government departments and banks, and convergence of traditional financial services with Web3.0 technologies.
In addition, he recommended expediting the launch of a Hong Kong dollar-denominated stablecoin backed by diversified assets, and advancing digital asset businesses centered on the tokenization of real-world assets (RWA), establishing a legal framework for RWA token circulation to facilitate seamless integration between traditional finance and the virtual asset ecosystem.
