South Korea and Hong Kong Launch Asia Web3 Policy Council

Led by Min Byungduck
Attended by Lee Jaewon of Bithumb and others
Discussions on digital asset regulation and stablecoin cooperation

South Korea and Hong Kong have jointly established a policy council focused on digital assets. In the future, the council plans to discuss topics such as interconnecting infrastructure between the two regions.

According to the virtual asset industry on April 1, the Asia Web3 Policy Council held its online kickoff event on March 23. The council will discuss topics including digital asset regulation, stablecoins, artificial intelligence (AI), and the interconnection of blockchain infrastructure. Assemblyman Min Byungduck of the Democratic Party of Korea, Au Gorjong, Hong Kong Legislative Council member, and Yoon Seokheon, Chairman of the Asia Economic Development Committee and HYPAI Labs, will jointly lead the council as co-chairs. Park Choonghyun, CEO of Bitrise Capital Korea, and Casper Wong, CEO of Web3Labs, will serve as secretaries-general. The event was also attended by Justin Sun, founder of TRON, and Lee Jaewon, CEO of Bithumb.

This council aims to institutionalize policy dialogue between South Korea and Hong Kong and to expand Web3 regulatory cooperation across the Asia region. There are also plans to run pilot projects and talent exchange programs involving companies, academia, and startups. The council intends to broaden its scope to include Japan, Thailand, Vietnam, the Philippines, and Taiwan, ultimately expanding into a pan-Asian policy cooperation platform.

At the Asia Web3 Policy Council online kickoff event held on the 23rd, attendees included Congressman Min Byungduk (top left), Yoon Sukheon, Chairman of the Asia Economic Development Committee and HYPAI Labs, Jaewon Lee, CEO of Bithumb, Ogeljang, Hong Kong Legislative Council member, Chung Hyun Park, CEO of Bitrise Capital Korea, and Justin Sun, founder of TRON.

Assemblyman Au stated that Hong Kong is strengthening its role as a digital asset hub in Asia, based on a virtual asset service provider licensing system and a stablecoin regulatory framework. Assemblyman Min emphasized the need to establish a mutually recognized regulatory cooperation framework in harmony with international standards, saying, "Based on this, we must develop common standards for core principles so that each country's systems can be connected." He added, "If we set minimum common standards for stablecoin reserve requirements, basic soundness requirements for operators, and principles for investor protection, companies will be able to operate more stably and market trust will increase."

In his keynote speech, Justin Sun identified 'collaboration and balance' as the next competitive edge for the Web3 industry. He said, "Since Web3 is inherently a cross-border industry, regulations at the level of a single country have limitations. Through regional policy coordination, we must enhance both regulatory clarity and innovation capacity."

Co-chairman Yoon Seokheon stated, "The Asia Web3 Policy Council will serve as a bridge connecting legislative leaders and industry leaders from each country. We will expand the international cooperation network and strengthen policy cooperation and communication between governments and businesses to build an open and sustainable Web3 ecosystem."

This content was produced with the assistance of AI translation services.