Wu Jiezhang: The Hong Kong Legislative Council plans to hold the first reading of new laws on stablecoins and over-the-counter trading at the end of this year or early next year

ChainCatcher news, Hong Kong Legislative Council member Wu Jietzhuang stated that Interpol has issued a red notice for Huang Zhengjie and Mo Junting, believing that the police will definitely find a lot of evidence to prove the roles of the individuals involved in the case, and also to prove that blockchain and the internet are not lawless areas, and that fraudsters will definitely be brought to justice. He also pointed out that the arrest warrant is not merely symbolic, as governments around the world take commercial fraud cases very seriously and will cooperate and support efforts, expecting that those involved will be apprehended soon.

Wu Jietzhuang also stated that the Legislative Council will establish two new laws regarding virtual assets in the future, including regulations on stablecoins and over-the-counter trading, which are expected to be introduced for the first reading in the Legislative Council by the end of this year and early next year. He reminded that if anyone claims that investing in virtual currencies is low risk with high returns, one must be cautious; secondly, all investment products must be purchased from licensed institutions, and relevant information can be found on the Securities and Futures Commission's website; finally, the SAR government can increase resources for investor education.