Ng Kit Chung has been successfully re-elected to Hong Kong’s eighth Legislative Council. During the election process, he expressed his commitment to promoting the development of Web3 in Hong Kong and supporting the Hong Kong SAR government to ensure the growth of advanced future industries such as artificial intelligence, quantum computing, and space technology. Ng addressed questions regarding the current state of Web3 development in Hong Kong, stating that no significant changes are expected in the development of stablecoins, which will continue to grow steadily. Regarding real-world assets (RWA), Hong Kong has already introduced a regulatory sandbox encouraging relevant industries to boldly adopt Web3 technologies. Ng believes that Web3 technology will drive the development of many real-world applications. Furthermore, he pledged to support the establishment of a talent ecosystem for industry professionals to attract more developers and experts to work and reside in Hong Kong. Web3 technology, based on blockchain, envisions a new internet that provides users with digital freedom, transparency, and greater control. For global financial centers like Hong Kong, the advancement of emerging technologies such as Web3 and quantum computing is seen as a vital means to strengthen their competitive position globally. In recent years, many countries have begun regulating digital cryptocurrencies and stablecoins to modernize financial systems. Expanding such investments and regulatory frameworks in Hong Kong will benefit the local economy and promote its technology industry on a global scale. Ng Kit Chung’s efforts reflect Hong Kong’s determination to play a significant role in future technologies and the digital economy.
Source: binance
