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Hong Kong Legislator Proposes Three Areas to Strengthen Global Digital Asset Hub Status

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On December 20, Hong Kong Legislative Council member Ng Ka-chor proposed three areas to strengthen the city’s digital asset regulation and global digital asset hub status. These include DAO regulation, legal enforceability of smart contracts, and a DeFi regulatory framework. He noted Hong Kong is leading in DAO regulation, with the first global DAO case heard in November 2024. Over 100,000 DAOs manage billions in assets. Ng also called for clarity on crypto asset classification and smart contract legal status, as well as emergency response mechanisms. For DeFi, he suggested aligning with the principle of “same business, same risk, same rules” through legal clarity, smart contract safeguards, and international cooperation.
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