Hong Kong–South Korea "Web3 Policy Promotion Alliance Preparatory Committee" Officially Established, Jointly Building a New Engine for Digital Economy Development

On March 23, 2026, the legislative leaders of Hong Kong Special Administrative Region and South Korea jointly announced a milestone collaboration: the “Hong Kong–Korea Web3 Policy Advocacy Alliance Preparatory Committee” has officially been established. The alliance was initiated by Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference and chairman of the Business and Innovation Technology Committee of the Hong Kong Legislative Council, along with Min Byeong-deok, a member of the Korean National Assembly, the proposer of the Basic Law on Digital Assets, and a government committee member of the Korean National Assembly. The goal is to deepen strategic dialogue and policy coordination between the two regions, build a cross-regional civil cooperation bridge, and promote efficient flow of ecological resources.

As Asia’s first cross-regional civil policy cooperation platform, the alliance will focus on key areas such as digital asset regulation, stablecoin mechanisms, artificial intelligence (AI) development, blockchain infrastructure interoperability, and regulatory standards alignment. This marks a new stage in the development of Asia’s Web3 industry from “each fighting alone” to “regional collaboration.”

The preparatory committee’s establishment ceremony was held at 2:00 PM on March 23 and was live-streamed globally. The event received strong industry response, with leading global media and opinion leaders broadcasting coverage. According to statistics, the live stream attracted over one million Web3 enthusiasts worldwide to witness this historic moment, jointly opening a new chapter of cross-regional policy cooperation in Asia.

Strong Partnership: Complementary Strengths to Shape a New Regional Development Pattern

Hong Kong and South Korea each possess unique advantages in Web3, AI, and digital assets. Hong Kong, with its common law system, free capital flow, and international professional services, has become a “super connector” linking China and the world. South Korea boasts strong technological R&D capabilities, an active crypto user base, and a proactive legislative spirit. Member Wu Jiezhuang stated, “In the wave of the digital economy, policies within a single jurisdiction are no longer sufficient to address the borderless challenges of digital assets. The partnership between Hong Kong and South Korea not only complements each other’s strengths but also provides an ‘innovative dual-core’ model for Web3 governance in Asia and globally. We hope this civil platform can supplement official dialogue flexibility and accelerate policy innovation and industry integration.”

Member Min Byeong-deok emphasized, “South Korea is actively advancing legislation on the Basic Law for Digital Assets, while Hong Kong has already taken the lead globally in virtual asset licensing. Deep cooperation between the two regions will provide valuable ‘Asian solutions’ for the development of global regulatory standards, especially in cross-border data flow, anti-money laundering (AML), and mutual recognition of technical standards.”

Three Core Missions: Policy Advocacy, Industry Collaboration, and Talent Exchange

After its establishment, the alliance will focus on three core missions:

Policy Research and Advocacy: Focus on frontier topics such as underlying Web3 technologies (like blockchain and AI integration), pathways for digital asset compliance, and cross-border data flow mechanisms. Regularly publish joint research reports, propose specific policy recommendations to governments and international organizations, and promote interconnected regulatory frameworks.

Industry Deep Collaboration: Facilitate practical cooperation among enterprises, academic institutions, and startups in both regions. Plans include co-creating a “regulatory sandbox,” promoting cross-border pilot projects—especially in RWA (real-world asset tokenization) and “AI + blockchain” integrated applications—to explore commercial ecosystems.

Professional Talent Exchange: Promote mutual recognition of professional qualifications, establish joint training programs, and cultivate versatile talents with Web3 skills and international financial perspectives, reserving core strength for the long-term development of the digital economy in both regions.

Hong Kong’s Positioning in the National Strategy: “Digital Hub” in the 14th Five-Year Plan

Under the macro background of China’s 14th Five-Year Plan, Hong Kong is entrusted with the strategic task of “high-quality opening-up.” The alliance’s establishment is a concrete practice of Hong Kong implementing national support and leveraging its “super connector” role. It will utilize Hong Kong’s unique advantages to align local Web3 regulatory frameworks with South Korea and international standards (such as EU MiCA and Singapore PSA), attract global capital and enterprises, and support the high-level opening-up of the national digital economy.

Policy Breakthroughs and Future Outlook: From Compliance Frameworks to Ecosystem Prosperity

In recent years, Hong Kong has achieved multiple breakthroughs in Web3 policy innovation:

Virtual Asset Licensing System: Fully implemented the licensing regime for virtual asset service providers (VASP) under the Anti-Money Laundering Ordinance, establishing a leading global compliance framework.

Stablecoin Regulation: The SAR government is actively advancing the regulation of stablecoin issuers, with the first licenses expected to be issued in early 2026, filling a market gap.

RegTech Upgrades: Future plans include leveraging AI technology to enhance anti-money laundering and market surveillance efficiency, reduce compliance costs, and elevate regulatory technology standards.

Following its establishment, the alliance will promote macro-level cooperation and dialogue with South Korea in the Web3 field, strengthening communication and coordination on shared concerns. It will also actively expand civil exchange channels, fostering interaction and collaboration among industry, academia, and other sectors. In promoting Web3 industrialization, both sides will work to create an environment conducive to innovation, supporting ecosystems for integrated applications like “AI + blockchain.”

About the Hong Kong–Korea “Web3 Policy Advocacy Alliance”

The Hong Kong–Korea Web3 Policy Advocacy Alliance is a non-profit civil cooperation platform initiated by legislative leaders from both regions. The alliance aims to break down geographical and institutional barriers through policy dialogue, industry matching, and talent exchange, promoting the coordinated development of Web3 ecosystems across Asia and contributing “Asian wisdom” to global digital economy governance and innovation.