Wu Jiezhuang: Believes that the development of stablecoins in Hong Kong will not undergo significant changes and will continue to move forward steadily.

Deep Tide TechFlow News, on December 14, Hong Kong Legislative Council member Wu Jiezhuang posted on social media stating, "Earlier, there were many questions about the development of Web3 in Hong Kong, including the future direction of stablecoins, RWA development, etc. Since I did not respond carefully during the election process, I would like to share my views here:

I believe that the development of stablecoins in Hong Kong will not have significant changes and will continue to move forward steadily. The Stablecoin Regulation Bill was passed in the seventh Legislative Council after extensive deliberation and discussion. I believe the overall development will align with the actual financial environment both internationally and in Hong Kong, progressing steadily, initially testing in the local market, with the goal of expanding into the international market and leveraging Hong Kong’s position as a financial and innovation hub.

RWA is currently a topic of frequent discussion in both traditional and Web3 industries. Hong Kong has already promoted a regulatory sandbox, which I believe will explore the importance of compliant development and future regulatory directions within the sandbox. I think different industries can boldly try to integrate Web3 technologies, which will likely promote the development of numerous real-world applications.

The demand from developers is rapidly increasing. Over the past three years, Hong Kong has attracted a large number of Web3 enterprises through open policies, and related development needs continue to rise. The Hong Kong SAR government has been actively promoting the development of the Northern Metropolis and the Lok Ma Chau Loop Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, not only to attract companies to settle but also to drive talent. More and more enterprises establishing Web3 public chains, compliant exchanges, and underlying infrastructure in Hong Kong. When I started my entrepreneurial journey, I also began as a developer, and I understand that the success of developers and innovation companies is closely linked. In the future, I will help build a talent ecosystem for the industry to attract more developers and practitioners to settle in Hong Kong."