Hong Kong & South Korea Launch Web3 Policy Alliance

Hong Kong Legislative Council member Wu Jiezhuang and South Korean National Assembly members have officially established the "Hong Kong-Korea Web3 Policy Promotion Alliance" — a cross-border coordination body aimed at aligning digital asset regulations between the two jurisdictions.

The initiative was formalized on March 23 via a live-streamed kickoff event. South Korean lawmaker Min Byung-deok was among the key attendees.

The alliance's core agenda covers four areas:

• Token issuance standards
• Exchange oversight
• Custody rules
• Cross-border KYC/AML compliance

The timing reflects a pivotal regulatory moment in Asia. South Korea's 2026 Economic Growth Strategy includes spot crypto ETF approvals and a new Digital Asset Act requiring stablecoin issuers to maintain 100% reserves with guaranteed user redemption rights — with stablecoin legislation expected to be finalized in Q1 2026. Hong Kong, meanwhile, has already implemented its Stablecoins Ordinance (effective August 2025) and operates one of Asia's most mature virtual asset licensing regimes.

The core thesis: coordinated regulation is a stronger competitive advantage than going it alone. As the U.S. SEC and CFTC finalize crypto classification frameworks and the EU advances its own standards, Northeast Asia is positioning for a unified regulatory front.

The alliance will be judged by its deliverables — joint policy statements, working group outputs, and concrete harmonization proposals.

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For informational purposes only. Not investment advice.

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