Hong Kong Explores Web 3 And AI Developments

According to PANews, Hong Kong's Deputy Secretary for Financial Services and the Treasury, Joseph Chan, recently met with around ten representatives from the Web 3 and artificial intelligence (AI) sectors to discuss the latest developments in these fields. The meeting focused on the opportunities and challenges that these technologies present to the financial services industry. Chan highlighted that Hong Kong currently hosts over 300 Web 3-related companies, with three virtual asset trading platforms licensed by the Hong Kong Securities and Futures Commission. He anticipates that more platforms will receive licenses by the end of the year. To further support the growth of the virtual asset industry, the Financial Services and the Treasury Bureau plans to introduce a bill to the Legislative Council this year. The proposed legislation aims to regulate fiat-backed stablecoin issuers to address risks related to money laundering and terrorist financing, while also protecting investors and promoting a healthy and orderly market. Additionally, a second round of public consultation on the regulation of over-the-counter virtual asset trading is scheduled for next year. This will include proposals for a licensing regime for virtual asset custody service providers.