ChainCatcher news, Hong Kong Special Administrative Region Legislative Council member Yiu Tak-ken stated at the establishment event of the Hong Kong Compliance Industry Association, "I believe stablecoins represent a huge market, and various countries are trying, and everyone is paying attention. However, we need to wait for the regulatory details from Hong Kong to move forward. As a Legislative Council member, I am interested in whether we can issue a stablecoin based on the Renminbi in Hong Kong, as this is a massive market."

ChainCatcher news, according to reports, the Hong Kong government stated that it will announce the details of the "Capital Investor Entry Scheme" by the end of the year.In this regard, Legislative Council member from the technology and innovation sector, Kenneth Fok, hopes that the authorities can clarify the scope of assets, such as listing Bitcoin traded on licensed virtual asset exchanges as financial products.

ChainCatcher news, Hong Kong Legislative Council member Yau Tak-gin published an article in the Hong Kong Wen Wei Po stating that this is a critical moment for Hong Kong to develop Web3. While maintaining stability and order, it is also necessary to encourage technological innovation to attract various elites. Currently, some Web3 application solutions are highly anticipated, but to truly implement them on a large scale in the community, three factors are essential: first, the underlying technology still needs time to mature; second, the public needs to understand the application scenarios of Web3 and adapt to the various changes that new technologies bring to society and life; third, policies and regulations must keep pace to support the orderly and compliant development of Web3.In addition, in recent months, some malicious individuals have taken advantage of the Hong Kong government's push for Web3 development to engage in illegal activities, such as promoting certain "air coins" through pyramid schemes for fraud. Others operate illegal platforms for fundraising. These operators ultimately flee or go bankrupt, tarnishing Hong Kong's reputation and significantly undermining the healthy development momentum of Web3. Therefore, regulatory agencies should closely monitor and work with law enforcement to ensure that criminals do not exploit the name of Web3 to make money in Hong Kong.Yau Tak-gin also stated that the Securities and Futures Commission should promptly disclose operators who do not intend to apply for licenses or are not granted licenses, allowing the public to avoid trading with "doomsday" platforms. The Hong Kong government should also be vigilant against exaggerated and misleading advertising content from certain platforms, warning retail investors. Furthermore, the government should enhance public education, take the lead in launching reliable Web3 application solutions and scenarios, and help the public become familiar with them in daily life. In the long run, it is necessary to legislate to regulate Web3 products, allowing citizens to use or purchase Web3 products in a transparent, compliant, and safe manner, which is a reasonable safeguard.

ChainCatcher news, Hong Kong Legislative Council member (Technology and Innovation Sector) Kenneth Lau held a press conference today (August 31) at the Legislative Council Complex and submitted the "Three Arrows and Three Circles" economic and technology development policy initiative. The initiative suggests accelerating the launch of retail-level digital Hong Kong dollars, introducing a "Hong Kong Dollar Stablecoin" sandbox, and providing policy incentives to encourage private institutions to issue compliant Hong Kong Dollar stablecoins, among other proposals. The aim is to leverage market forces to accelerate the recovery of Hong Kong's economy and create more new momentum for Hong Kong through the comprehensive advancement of the digital economy and Web3 development.Member Lau stated that regarding the "Three Arrows and Three Circles" policy initiative, the "Three Arrows" include establishing a mother fund to activate private capital investment in the technology and innovation industry, investing in and attracting potential growth-stage technology companies, improving the refinancing capabilities of small and medium-sized listed companies, setting up a secondary market matching fund, and reducing stamp duty; the "Three Circles" include issuing tokens to support the development of the New Territories Science and Technology City, expediting the launch of digital Hong Kong dollars with government disbursements as application pilots, and issuing Hong Kong Dollar stablecoins to promote the development of virtual assets in Hong Kong.