Research

Hong Kong Legislative Council member Wu Jiezhuang: Hong Kong needs to accelerate the research on the feasibility of incorporating Bitcoin into its strategic reserves

ChainCatcher news, Hong Kong Legislative Council member Wu Jietzhuang stated on social media that American AI and cryptocurrency "czar" David Sacks will hold a press conference with Republican representatives on February 4 to announce the establishment of a bipartisan working group to formulate cryptocurrency regulatory legislation.Wu Jietzhuang pointed out that although Hong Kong has established a three-tier regulatory framework similar to that of the United States, including a dedicated task force for the development of the third generation of the Internet, the Legislative Council's Web3 and Virtual Assets Development Subcommittee, and the Monetary Authority's stablecoin regulatory sandbox, there is still a need to accelerate the pace of development.He proposed five major suggestions: first, to expedite the research on the feasibility of Bitcoin as a strategic reserve for the region; second, to expand the permissions of stablecoin companies approved within the sandbox to accelerate practical applications; third, to seek national support for establishing stablecoin application pilot projects in the Greater Bay Area; fourth, to relax the trading varieties of licensed virtual asset trading platforms; fifth, to establish a digital asset office specifically to promote the development of AI and virtual assets. Wu Jietzhuang revealed that he has been invited to participate in the Bitcoin USA Summit held in Las Vegas in May, which will promote cooperation between the cryptocurrency industries of China and the United States.

Tiger Research: In 2024, the fund transfer of Korean crypto assets to overseas exchanges and DeFi platforms increased by 2.3 times year-on-year

ChainCatcher news, the latest report released by Tiger Research points out that despite South Korea's leading global position in cryptocurrency trading volume, the development of the country's Web3 industry is hindered by unclear regulations and a lack of specific guidance, resulting in accelerated outflow of capital, talent, and enterprises. The report mentions that in 2024, the transfer of South Korean crypto assets to overseas exchanges and DeFi platforms is expected to increase by 2.3 times year-on-year, primarily influenced by service interruptions at local exchanges and the attraction of external investment opportunities. Additionally, South Korean Web3 companies such as Nexpace, Klaytn, and Wemix have relocated their headquarters to regulatory-friendly countries like the UAE.The report also highlights that the outflow of talent has exacerbated the decline in the technological competitiveness of South Korea's Web3 ecosystem, while countries like the United States and the UAE have attracted high-end technical talent through clear policies. If South Korea wants to maintain its competitiveness in the global Web3 industry transformation by 2025, it urgently needs to promote regulatory reforms, allow corporate accounts to engage in crypto trading, and formulate policies related to stablecoins and DeFi to build a sustainable innovation ecosystem.
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