Hong Kong’s Legislative Council Establishes Web3 & Virtual Assets Subcommittee

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Hong Kong’s Legislative Council has established a subcommittee dedicated to Web3 and Virtual assets development. By establishing the subcommittee, the legislative Council aims to explore regulatory frameworks, foster international collaboration, promote technological innovation, and leverage Web3 and virtual assets to enhance economic growth. The focus areas also include integrating AI with Web3 advancements and ensuring robust policy frameworks for decentralized autonomous organizations (DAOs). Hong Kong’s competitive advantages include its low tax rates, robust legal frameworks, and investor-friendly banking policies.