Hong Kong Legislative Council member Ng Ka-chor has proposed three key areas to bolster the city's status as a global digital asset hub. Speaking on December 20, Ng emphasized the need for comprehensive regulation of Decentralized Autonomous Organizations (DAOs), legal enforceability of smart contracts, and a robust regulatory framework for Decentralized Finance (DeFi). Hong Kong is already a leader in DAO regulation, having presided over the first global DAO case in November 2024, with over 100,000 DAOs managing billions in assets. Ng highlighted the importance of clear classification of crypto assets and the legal status of smart contracts, alongside establishing emergency response mechanisms. For DeFi, he advocated for the principle of "same business, same risk, same rules," suggesting the need for legal clarity, smart contract safeguards, and international cooperation to ensure effective regulation.
Hong Kong Legislator Advocates for Enhanced Digital Asset Regulations
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