On March 23, 2026, leaders from the legislative sectors of the Hong Kong Special Administrative Region and South Korea jointly announced a milestone cooperation: “Hong Kong–Korea Web3 Policy Advocacy Alliance Preparatory Committee” has been officially established. The alliance was jointly initiated by National Committee of the Chinese People's Political Consultative Conference member, Chairman of the Hong Kong Legislative Council's Commerce and Innovation Technology Committee Wu Jiezhuang and South Korean National Assembly member, initiator of the South Korean Digital Asset Basic Law, and South Korean National Assembly Political Committee member Min Byeong-deok, aimed at deepening strategic dialogue and policy synergy between the two regions, building a bridge for cross-regional civil cooperation, and promoting the efficient flow of ecological resources.

As Asia's first cross-regional civil policy cooperation platform, this alliance will focus on key areas such as digital asset regulation, stablecoin mechanisms, artificial intelligence (AI) development, blockchain infrastructure interconnection, and regulatory standard alignment, marking a new developmental phase for the Asian Web3 industry from “fighting alone” to “regional collaboration.”

The establishment ceremony of the alliance preparatory committee took place on March 23 at 14:00 and was broadcast live globally. This event sparked a strong response from industry participants, with leading industry media and opinion leaders reporting on it. According to statistics, the live broadcast attracted over a million global Web3 enthusiasts to witness this historic moment, jointly opening a new chapter in Asia's cross-regional policy cooperation.

Strong Partnership: Complementary Advantages, Co-creating a New Pattern of Regional Collaborative Development

Hong Kong and South Korea each have unique advantages in Web3, AI, and digital assets. Hong Kong, with its common law system, free flow of capital, and internationalized professional services, has become a "super connector" between China and the world; South Korea boasts strong technological research and development capabilities, an active cryptocurrency user base, and a proactive legislative exploration spirit. Member Wu Jiezhuang stated, "In the wave of the digital economy, policies from a single jurisdiction can no longer cope with the borderless challenges of digital assets. The collaboration between Hong Kong and South Korea not only complements the advantages of both regions but also offers an innovative model of ‘dual-core drive’ for Web3 governance in Asia and globally. We hope to use this civil platform to enhance the flexibility of official dialogue and accelerate policy innovation and industry alignment."

Member Min Byeong-deok emphasized, "South Korea is actively advancing the legislative process of the 'Digital Asset Basic Law,' while Hong Kong is already at the forefront of the world regarding the virtual asset licensing system. Deep cooperation between the two regions will provide valuable 'Asian solutions' for the formulation 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

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

• Policy Research and Advocacy: Focus on cutting-edge issues such as the underlying technologies of Web3 (e.g., blockchain, AI integration), pathways for digital asset compliance, and mechanisms for cross-border data flows, regularly publishing joint research reports, presenting specific policy recommendations to the governments of both regions and international organizations, and promoting the interconnectivity of regulatory frameworks.

• Deep Industry Collaboration: Promote pragmatic cooperation between enterprises, academic institutions, and startup teams in both regions. Plans include co-building a “regulatory sandbox” to facilitate the implementation of cross-border pilot projects, especially in areas like RWA (Real World Assets Tokenization) and “AI + blockchain” integrated applications, exploring business closed loops.

• Professional Talent Exchange: Promote mutual recognition of professional qualifications, establish joint training programs, and cultivate professionals with both Web3 technical expertise and international financial vision to prepare core strengths for the long-term development of the digital economy in both regions.

Hong Kong's Positioning under National Strategy: "Digital Hub" in the 14th Five-Year Plan

Within the macro context of the national "14th Five-Year Plan," Hong Kong is assigned the strategic mission of "high-quality opening up." The establishment of the alliance is a concrete practice of Hong Kong implementing the national support to play the role of a "super connector." The alliance will utilize Hong Kong's unique advantages to promote the alignment of the local Web3 regulatory framework with Korean and even international standards (such as the EU MiCA and Singapore PSA), attracting global capital and enterprises to land and contributing to the high-level opening up of the national digital economy.

Policy Breakthroughs and Future Outlook: From Compliance Framework to Ecological Prosperity

In recent years, Hong Kong has made significant breakthroughs in Web3 policy innovation:

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

• Leading in Stablecoin Regulation: The Hong Kong government is actively promoting a regulatory system for stablecoin issuers, with the first stablecoin license expected to be issued in early 2026, filling a market gap.

• RegTech Upgrades: In the future, AI technology will be used to enhance the effectiveness of anti-money laundering and market surveillance, reducing compliance costs and improving regulatory technology levels.

After the establishment of the alliance, dialogue and cooperation with South Korea in the Web3 field will be advanced from a macro perspective, strengthening communication and coordination around topics of mutual concern. At the same time, the alliance will actively expand civil exchange channels, promoting interaction and collaboration among multiple stakeholders in the industry, academia, and other sectors. In promoting the industrialization of Web3, both parties will focus on creating an environment conducive to innovative development and support ecological construction 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 civil cooperation platform jointly initiated by leading figures from the legislative sectors of both regions. The alliance is committed to breaking down geographical and institutional barriers, promoting the collaborative development of the Asian Web3 ecosystem through policy dialogue, industry alignment, and talent exchange, contributing "Asian wisdom" to the governance and innovation of the global digital economy.

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