Wu Jiezhuang: The development of stablecoins in Hong Kong will progress steadily, and different industries can try combining RWA and Web3 for bold experimentation.

On December 14th, Hong Kong Legislative Council member Wu Jiezhang posted a message stating that they will continue to promote the development of Hong Kong Web3, sharing views on the future direction of stablecoins, RWA development, and more: They believe that the development of Hong Kong stablecoins will not have significant changes and will continue to move forward steadily. The Stablecoin Ordinance Bill was passed in the seventh Legislative Council after long-term deliberation and discussion. Overall development will align with international and Hong Kong’s actual financial environment, progressing steadily. Initially, the focus will be on the local market as a trial, with the goal of expanding to the international market and leveraging Hong Kong’s position as a financial and technological innovation center. RWA is currently a hot topic in both traditional and Web3 industries. Hong Kong has already promoted a regulatory sandbox, believing that within the sandbox, they will explore the importance of compliant development and the future direction of regulation. They think different industries can boldly experiment by integrating Web3 technology, believing this can drive the development of numerous实体 applications. Developer demand is rapidly increasing. More and more companies with Web3 public chains, compliant trading platforms, and underlying infrastructure are establishing bases in Hong Kong. The success of developers and tech entrepreneurs is closely linked, and in the future, they will help build a talent ecosystem for the industry, attracting more developers and practitioners to settle in Hong Kong.