Hong Kong Federation of Trade Unions Legislative Council Member: Suggest improving the compliance and regulatory framework in the cryptocurrency sector and establishing a Web3 Industry Committee

ChainCatcher news, Hong Kong's DAB Legislative Council member Chan Chung-nee stated that he suggests the government improve the compliance and regulatory framework in the Web3 cryptocurrency sector to protect investors' rights and promote market fairness and transparency. By utilizing technologies such as big data and artificial intelligence for risk monitoring and early warning in the Web3 market, and establishing a Web3 industry committee to formulate industry norms and standards, as well as enhancing training for practitioners. "Regulation must be done well to prevent fraud, but we do not want the industry to be overly regulated; a balance must be achieved."