An Asia Web3 Policy Council, centered around Hong Kong and Korea, has officially launched. The council aims to strengthen digital asset regulation and Web3 industry cooperation in the Asian region. Korean National Assembly member Min Byung-duk, Hong Kong Legislative Council member Dr. Hon Johnny NG Kit-Chong, and Asia Economic Development Committee and HYPAI Labs Chairman Yoon Suk-heon will co-chair the council.
Official Launch of the Asia Web3 Policy Council
The Asia Web3 Policy Council officially formalized its establishment, encompassing digital asset regulation, stablecoins, artificial intelligence (AI), and blockchain infrastructure connectivity, at an online kickoff event held on March 23rd at 3 PM KST. The event was co-hosted by Web3Labs and HYPAI Labs and globally live-streamed with subtitles in Korean, English, and Chinese.
The secretariat of the council will be headed by Park Choong-hyun, CEO of Bitrise Capital Korea, and Casper Wong, CEO of Web3Labs. Key figures from political and industrial sectors in Hong Kong and Korea, including Justin Sun, founder of TRON, and Lee Jae-won, CEO of Bithumb, attended the kickoff event to emphasize the importance of the council.
Presentation of Key Agendas and Cooperation Models
This council focuses on institutionalizing policy dialogue between Hong Kong and Korea and expanding Web3 regulatory cooperation across the Asian region. Both sides presented key agendas, including the alignment of digital asset regulations, stablecoin system design, the convergence of AI and blockchain, inter-linking blockchain infrastructure, and cooperation on regulatory standards.
Furthermore, the council plans to establish practical industrial cooperation models by concurrently implementing pilot projects and talent exchange programs involving businesses, academia, and startups. This initiative aims to achieve tangible results in the Web3 sector and foster a sustainable ecosystem.
Statements from Key Stakeholders
Dr. Hon Johnny NG Kit-Chong, Hong Kong Legislative Council member, stated that Hong Kong is strengthening its role as an Asian digital asset hub based on its virtual asset service provider licensing regime and stablecoin regulatory framework. Representative Min Byung-duk emphasized that as Web3 reshapes the global economic order, Asia must move beyond passive following to lead in institutional design and industrial standard setting.
Representative Min Byung-duk stated, "We must establish a mutually recognized regulatory cooperation system that aligns with international standards. Based on this, common criteria for core principles should be developed to allow national systems to interconnect." He added, "By setting minimal common standards for stablecoin reserve assets, basic soundness requirements for operators, and investor protection principles, companies can operate stably, and market confidence will increase."
Justin Sun, founder of TRON, proposed ‘cooperation and balance’ as the next competitive edge for the Web3 industry in his keynote speech. He remarked, "As Web3 is inherently a cross-border industry, regulation at a single national level has limitations." He expressed support, stating, "Regional policy coordination is necessary to collectively enhance regulatory clarity and innovation capabilities," and that this council would be a crucial starting point for Asia’s Web3 cooperation.
Co-chairman Yoon Suk-heon stated, "The Asia Web3 Policy Council will serve as a bridge connecting legislative leaders and industry leaders from various countries." He added, "We will expand international cooperation networks and strengthen policy collaboration and communication between governments and businesses in each country to build an open and sustainable Web3 ecosystem, thereby contributing to the formation of a new order in the global digital economy."
Planned Expansion of Cooperation Across Asia
Starting with Hong Kong and Korea, the council plans to expand its scope of participation to include Japan, Thailand, Vietnam, the Philippines, and Taiwan, evolving into an Asia-wide policy cooperation platform. This expansion aims to contribute to the development of the Web3 industry across a broader Asian region.
Meanwhile, the council reported that the cumulative viewership for the live broadcast reached approximately 1.3 million, with total traffic, including pre-event article exposure and social media dissemination, exceeding 3 million. This outcome demonstrates the high level of interest and anticipation surrounding the council’s launch.
The Asia Web3 Policy Council is expected to play a significant role in reshaping the global digital economic order by establishing an institutional foundation for the joint development of the Web3 industry, centered around Hong Kong and Korea, and by strengthening regional cooperation.
