An Asian Web3 policy council anchored in Hong Kong and Korea has been officially launched. Representative Min Byung-deok of the National Assembly, Hong Kong Legislative Council Member Dr. Hon Johnny NG Kit-Chong, and Yoon Suk-heon, Chair of the Asia Economic Development Committee and HYPAI Labs, will co-chair the council.

The council held an online kick-off event at 3 p.m. (Korea time) on the 23rd and formalized the establishment of a council covering digital asset regulation, stablecoins, artificial intelligence (AI), and blockchain infrastructure interconnection. The secretariat will be headed by Park Chung-hyun, CEO of Bitrise Capital Korea, and Casper Wong, CEO of Web3Labs.

The event was co-hosted by Web3Labs and HYPAI Labs and was broadcast live globally with subtitles in Korean, English, and Chinese. Attendees included Justin Sun, founder of TRON (TRON), Lee Jae-won, CEO of Bithumb, and key figures from politics, government, and industry in Hong Kong and Korea.

The new council is focused on institutionalizing policy dialogue between Hong Kong and Korea and expanding Web3 regulatory cooperation across Asia. The two sides presented as core agenda items the consistency of digital asset regulation, stablecoin regulatory design, AI-blockchain convergence, blockchain infrastructure interconnection, and cooperation on regulatory standards. They also plan to run pilot projects and talent exchange programs involving corporations, academia, and startups in parallel, with the aim of building practical industrial cooperation models.

Legislator Johnny Ng stated that Hong Kong is strengthening its role as a digital asset hub in Asia based on its virtual asset service provider licensing regime and stablecoin regulatory framework.

Representative Min Byung-deok stressed that as Web3 reshapes the global economic order, Asia must move beyond passive catch-up to take the lead in institutional design and the establishment of industrial standards. Min said, “A regulatory cooperation framework based on mutual recognition that is aligned with international standards must be established,” adding, “On this basis, common criteria for core principles should be prepared so that each country’s system can be interconnected.” He continued, “If minimum common standards are set for stablecoin reserve asset requirements, basic prudential requirements for operators, and investor protection principles, companies will be able to operate stably and market trust will also increase.”

In his keynote speech, Justin Sun identified “cooperation and balance” as the next sources of competitiveness for the Web3 industry. He said, “Since Web3 is by nature a cross-border industry, there are limits to regulation at the level of a single country,” and added, “Through regional policy coordination, both regulatory clarity and innovation capacity must be enhanced.” He expressed support for the council’s activities, saying that this council would become an important starting point for Web3 cooperation in Asia.

Co-Chair Yoon Suk-heon said, “The Asia Web3 Policy Council will serve as a bridge connecting legislative leaders and industry leaders in each country,” and added, “We will expand the international cooperation network and strengthen policy cooperation and communication between governments and companies in each country to build an open and sustainable Web3 ecosystem.” He continued, “Through this, we will also contribute to shaping a new order in the global digital economy.”

Starting with Hong Kong and Korea, the council plans to expand participation to Japan, Thailand, Vietnam, the Philippines, and Taiwan, developing into a policy cooperation platform at the Asian level.

According to the organizers, based on figures compiled from two local media outlets in Hong Kong, major KOLs, YouTube, the HTX app, the official HTX X account, the official TRON X channel, and other sources, the live broadcast recorded approximately 1.3 million cumulative views, while total traffic including pre-event media coverage and social media diffusion exceeded 3 million.

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