On March 23, 2026, legislative leaders from the Hong Kong Special Administrative Region of China and South Korea jointly announced a landmark collaboration: the formal establishment of the HKSAR–Korea Web3 Policy Advocacy Alliance Preparatory Committee. The alliance was jointly initiated by Dr. Johnny Ng Kit-Chong, Member of the National Committee of the Chinese People’s Political Consultative Conference and Chairman of the Hong Kong Legislative Council Panel on Commerce, Industry, Innovation and Technology, and Rep. Min Byoung-dug, Member of the National Assembly of the Republic of Korea and sponsor of Korea’s proposed Digital Asset Basic Act. The initiative aims to deepen strategic dialogue and policy coordination between the two jurisdictions, build a bridge for cross-regional non-governmental collaboration, and facilitate the efficient flow of ecosystem resources.
As Asia’s first cross-regional, non-governmental policy cooperation platform in this field, the alliance will focus on key areas including digital asset regulation, stablecoin mechanisms, artificial intelligence (AI) development, blockchain infrastructure connectivity, and regulatory standards alignment. Its establishment marks a new stage in the development of Asia’s Web3 industry — moving from fragmented efforts toward regional coordination and collaboration.
The launch ceremony of the Preparatory Committee was held at 2:00 p.m. on March 23 and was broadcast live to a global audience. The event generated strong resonance across the industry, with leading international media outlets and key opinion leaders covering and rebroadcasting the occasion. According to event statistics, the livestream attracted more than one million Web3 enthusiasts worldwide, who witnessed this historic moment and the opening of a new chapter in Asia’s cross-regional policy cooperation.
Strong Partnership, Complementary Strengths, and a New Framework for Regional Collaboration
Hong Kong and South Korea each hold distinctive advantages in the fields of Web3, AI, and digital assets. Hong Kong, with its common law system, free flow of capital, and internationally oriented professional services, has emerged as a “super connector” linking China with the rest of the world. South Korea, meanwhile, brings together strong technological R&D capabilities, an active crypto user base, and a proactive legislative mindset.
Dr. Johnny Ng stated:
“In the wave of the digital economy, policies within a single jurisdiction are no longer sufficient to address the borderless challenges posed by digital assets. The partnership between Hong Kong and Korea is not only a complementarity of strengths, but also an innovative dual-engine model for Web3 governance in Asia and beyond. Through this non-governmental platform, we hope to enhance the flexibility of official dialogue while accelerating policy innovation and industry collaboration.”
Rep. Min Byoung-dug added:
“South Korea is actively advancing the legislative process for the Digital Asset Basic Act, while Hong Kong is already among the global frontrunners in virtual asset licensing. Deeper cooperation between the two sides will provide a valuable Asian framework for the development of global regulatory standards, particularly in areas such as cross-border data flows, anti-money laundering (AML), and mutual recognition of technical standards.”
Three Core Missions: Policy Advocacy, Industry Collaboration, and Talent Exchange
Following its establishment, the alliance will advance its work around three core missions:
1. Policy Research and Advocacy
The alliance will focus on frontier issues including foundational Web3 technologies such as blockchain and AI integration, compliant pathways for digital assets, and mechanisms for cross-border data flows. It plans to issue regular joint research reports and submit concrete policy recommendations to both governments and international organizations, with the goal of promoting greater connectivity and interoperability across regulatory frameworks.
2. Deep Industry Collaboration
The alliance will encourage practical cooperation among enterprises, academic institutions, and startup teams from both jurisdictions. Plans include the co-development of regulatory sandboxes and the promotion of cross-border pilot projects, especially in areas such as RWA (real-world asset tokenization) and AI + blockchain integrated applications, with the aim of exploring sustainable commercial models.
3. Professional Talent Exchange
The alliance will promote the mutual recognition of professional qualifications and launch joint training initiatives to cultivate interdisciplinary talent with expertise in both Web3 technologies and international finance, creating a strong talent pipeline for the long-term growth of the digital economy in both markets.
Hong Kong’s Strategic Role Under National Development Priorities: A Digital Gateway in the 15th Five-Year Plan
Against the broader backdrop of China’s 15th Five-Year Plan, Hong Kong has been entrusted with the strategic mission of advancing high-quality external opening-up. The establishment of the alliance is a concrete manifestation of Hong Kong’s role in implementing the national strategy of serving as a super connector.
Leveraging Hong Kong’s unique strengths, the alliance will promote the alignment of Hong Kong’s local Web3 regulatory framework with South Korean and international standards, including the EU’s MiCA framework and Singapore’s Payment Services Act (PSA). In doing so, it aims to attract global capital and enterprises, and to support China’s high-level opening-up in the digital economy.
Policy Breakthroughs and the Road Ahead: From Compliance Frameworks to Ecosystem Prosperity
In recent years, Hong Kong has achieved a series of notable breakthroughs in Web3 policy innovation:
1. Virtual Asset Licensing Regime
Hong Kong has fully implemented the Virtual Asset Service Provider (VASP) licensing regime under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, establishing one of the world’s leading compliance frameworks for virtual assets.
2. Advancing Stablecoin Regulation
The HKSAR Government is actively accelerating the regulatory regime for stablecoin issuers. The market expects that the city may issue its first stablecoin licence in early 2026, helping to fill a key regulatory gap.
3. RegTech Upgrades
Looking ahead, Hong Kong will seek to leverage AI technologies to strengthen anti-money laundering controls and market surveillance efficiency, reduce compliance costs, and enhance its overall regulatory technology capabilities.
Following its establishment, the alliance will promote dialogue and cooperation with South Korea on Web3-related issues at a macro level, while strengthening communication and coordination on areas of shared interest. At the same time, it will actively expand channels for non-governmental exchange, encouraging interaction and collaboration among stakeholders from industry, academia, and beyond. In advancing Web3 industrialization, both sides will work to foster an environment conducive to innovation and support the development of ecosystems for integrated applications such as AI + blockchain.
About the Hong Kong–Korea Web3 Policy Advocacy Alliance
The Hong Kong–Korea Web3 Policy Advocacy Alliance is a non-profit, non-governmental cooperation platform jointly initiated by legislative leaders from both jurisdictions. The alliance is committed to breaking through geographical and institutional barriers through policy dialogue, industry connectivity, and talent exchange, with the goal of advancing the coordinated development of Asia’s Web3 ecosystem and contributing Asian insight to global digital economy governance and innovation.
About Web3Labs
Web3Labs is a premier incubator and entrepreneurial gateway in the Web3.0 sector. In alignment with the policy direction of the Hong Kong Special Administrative Region Government, Web3Labs is committed to helping global Web3 enterprises establish a presence in Hong Kong and connect with international markets through market entry services, investment acceleration, technical collaboration, and compliance support. Web3Labs has launched a US$10 million Global Acceleration Program and has already established strategic partnerships with leading international institutions including Neo, Zetrix, ICP, KuCoin Labs, TON, and TRON, providing high-quality Web3 projects with comprehensive support and enablement.
