ChainCatcher news, Hong Kong Legislative Council member Wu Jietzhuang posted on social media: "The Hong Kong Monetary Authority recently published a report on virtual banks. I appreciate the Hong Kong SAR government's support for the upgrading of banking services and the development of virtual banks in recent years, but at the same time, my team conducted a survey on the opinions of Web3 companies regarding banking services in Hong Kong, which indicated that Web3 companies are facing difficulties in opening accounts, leading to ineffective business development. Therefore, I propose at today's press conference:Virtual banks should diversify their services and develop in a way that complements traditional banks.⁠Hong Kong should establish virtual asset/digital asset banks as soon as possible or upgrade virtual banks to manage virtual assets, in line with the SAR government's Web3 development.⁠Hong Kong should accelerate the development of the Web3 ecosystem. Currently, virtual asset policies are a focal point of discussion among global governments, and we should strive to become the Hong Kong Web3 center by promoting the development of the entire chain and ecosystem as soon as possible."

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.

ChainCatcher news, regarding Trump's speech at the Bitcoin conference, Hong Kong Legislative Council member Wu Jiezhuang expressed his views on social media:Bitcoin and Web3 are important nodes in global development and should encourage global cooperation;In the future, consideration can be given to including Bitcoin in strategic financial reserves under compliant conditions;I believe the SAR government will responsibly and gradually open the market.

ChainCatcher news, Hong Kong Legislative Council member Wu Jietzhuang stated that to promote the development of Web3 and virtual assets in Hong Kong, the Legislative Council has recently established a subcommittee on Web3 and virtual asset development. It is now seeking opinions from the global industry to propose policy recommendations and topics for future industry development discussions. It is proposed that detailed research will be conducted and summarized, and presented to the government through the Legislative Council platform. The global industry can provide feedback on the following topics to help Hong Kong become a global Web3 hub:Web3 Policy Aspects:How to balance and promote the foundational technologies, legal, and regulatory frameworks of Web3;How to collaborate with the country to promote Hong Kong as a Web3 hub connecting internationally;The integrated development of artificial intelligence and Web3 technologies and the improvement of the regulatory framework for artificial intelligence;Policy and regulatory recommendations for decentralized autonomous organizations (DAOs) to support and regulate the healthy development of DAOs in Hong Kong;How to cultivate and attract talent in Web3 technology and financial innovation;Virtual Asset Aspects:Recommendations for measures that benefit the development of the virtual asset industry;How to strengthen protections for virtual asset investors and consumers, enhancing market confidence;Potential application scenarios and risks of stablecoins in Hong Kong, recommending a regulatory framework that ensures financial stability without stifling innovation;Exploring the demand for professional custody services arising from the rise of virtual assets in Hong Kong, and researching corresponding custody methods and regulatory measures.

ChainCatcher news, the Hong Kong Legislative Council's Web3 and Virtual Assets Development Subcommittee has announced the election results for its chairman and vice-chairman. According to Legislative Council document CB(1)769/2024, Legislative Council member Wu Jiezhuang has been successfully elected as the chairman of the subcommittee.The establishment of the Web3 and Virtual Assets Development Subcommittee primarily examines the application and development of Web3 and virtual asset technologies in Hong Kong, and makes recommendations on the implementation of relevant regulations and policies. The subcommittee's first meeting will be held on June 17, 2024 (Monday) from 4:30 PM to 5:00 PM in Conference Room 2A of the Legislative Council Complex.Wu Jiezhuang stated that in the coming year, he will actively work with the SAR government, industry, and society to transform the Hong Kong Special Administrative Region into an international Web3 center.

ChainCatcher news, Hong Kong Legislative Council member Wu Jietzhuang wrote an article in the Ta Kung Pao titled "Inside and Outside the Parliament / Tripartite Efforts to Develop 'Virtual Asset Banks'." The article points out the establishment of "virtual asset banks" to address industry pain points, further providing comprehensive virtual financial services and facilities.The specific content includes: providing buying and selling as well as exchange services for individual customers of virtual currencies, offering unified virtual asset clearing, settlement, and custody services for qualified virtual asset service providers, lowering the market entry threshold for small and medium-sized investors; and assisting and encouraging the industry to provide related insurance, funds, asset management, and other "middle-income businesses," offering more innovative virtual financial products and services, and comprehensively developing an ecosystem that combines traditional and virtual finance.

ChainCatcher news, National Committee member of the Chinese People's Political Consultative Conference and Hong Kong Legislative Council member Wu Jiezhuang posted on the X platform, stating that he met this morning with Hong Kong Financial Secretary Paul Chan and Deputy Secretary Wong Wai Lun, expressing the hope that the main principles of the budget proposal are zero tax increases, fewer fees, and increased momentum. He opposes various tax increase suggestions proposed in the community, including the imposition of capital gains tax, departure tax, and stamp duty on virtual assets; he believes that to enhance the development momentum of various industries, it is necessary to break down barriers and vigorously develop the Web3 industry, among others.

ChainCatcher News: National Committee member of the Chinese People's Political Consultative Conference and Hong Kong Legislative Council member Wu Jiezhuang stated on social media that the U.S. SEC approved the spot Bitcoin ETF in the early hours of Hong Kong time. This move is significant for the virtual asset market and will attract more traditional investors and funds to participate in virtual asset investments.Wu Jiezhuang believes that Hong Kong should also dare to be a "leader" in the virtual asset field, leading the entire industry development through innovative policies. The SAR government should expedite the implementation of the spot ETF and enhance the education on virtual asset awareness.

ChainCatcher news, Hong Kong Legislative Council member Wu Jietzhuang stated in an exclusive interview: "Hong Kong's (Web3) development is actually very lagging, much slower than expected, to the point of being unbelievable."Wu Jietzhuang mentioned that the general public's understanding of Web3 is quite limited, still stuck in the perceptions from years ago regarding cryptocurrency speculation and money laundering, with a lot of negative impressions. The rapid development of Web3, blockchain, AI, big data, etc., hopes to provide young people in Hong Kong with new opportunities and directions for development.

ChainCatcher news, according to Sing Tao Global, Hong Kong Legislative Council member Wu Jietzhuang stated that in the past few weeks, together with other volunteer lawyers, he has provided pro bono legal services for about 100 JPEX victims. He mentioned that some victims are seeking self-help through various methods, including civil lawsuits, pursuing compensation from the involved money exchange shops or KOLs, and considering collective action with other victims affected by the same money exchange shop. However, due to the varying amounts involved, ranging from hundreds of thousands to over a million, and the sensitivity regarding legal fees, they are still seeking legal advice and have not yet made a final decision.Additionally, Wu Jietzhuang pointed out that cryptocurrencies and other virtual assets are relatively new phenomena, and the third generation of the internet (Web3) is the future development direction for Hong Kong. As new products and investment opportunities emerge, there should be an enhancement in corresponding investor education to prevent fraud. He further noted that in the past, various virtual investment products have become tools for scams, and there may be other types of fraud in the future, hoping for government improvements. He continued to say that the Securities and Futures Commission responded quickly this time, but there is still room for improvement, suggesting the establishment of a research group as soon as possible to achieve a balance in the development, regulation, and investor protection of the third generation of the internet and virtual assets.

ChainCatcher news, according to Hong Kong Ming Pao, the virtual currency platform JPEX is involved in a conspiracy fraud case. As of 5 PM yesterday, the Hong Kong police have received reports from 2,265 individuals, with the amount involved increasing to approximately HKD 1.4 billion.Hong Kong Web3.0 Association member and Legislative Council member Wu Jietzhuang cited data from over 50,000 hot wallets closely linked to JPEX, stating that since the Securities and Futures Commission issued a warning about JPEX's unlicensed status last Wednesday, at least HKD 167 million worth of virtual currency has been transferred out of the JPEX platform as of September 22. This includes approximately HKD 2.63 million in BTC, approximately HKD 20.8 million in ETH, approximately HKD 13.6 million in USDT, and over HKD 100 million in USDC, with most of the transfers occurring on or after this Monday.Some cryptocurrency fraud analysis consultants believe that JPEX has significantly increased withdrawal fees in the past week, yet a large amount of funds continues to flow out. They suspect that the funds being transferred are not from retail investors, indicating unusual fund movement, likely orchestrated by "whales." It is understood that the police will investigate the flow of funds and collaborate with financial institutions to trace criminal proceeds, examining whether there are any links to money laundering or other crimes, and will also seek assistance from overseas law enforcement agencies.

ChainCatcher news, according to the Hong Kong Economic Journal, regarding the unlicensed cryptocurrency exchange JPEX, Hong Kong Legislative Council member Wu Jietzhuang stated that this incident involves a large number of victims, far exceeding the 86 individuals and several tens of millions (HKD) reported by the police two days ago. The incident has widespread implications, and he hopes the police will take action soon. He also pointed out that this incident highlights the need for the public to be aware of investment risks, understand investment products, and urged investors to invest on licensed platforms.Legal advisors recommend that affected individuals should take screenshots of electronic transactions and related information to provide more evidence to the police or the Securities and Futures Commission; otherwise, electronic records may be lost or deleted.

ChainCatcher news, Hong Kong Legislative Council member Wu Jietzhuang posted a vote on Twitter, with the topic "To further promote Hong Kong as a web3 center, the government and Hong Kong regulators should define and create a semi-private blockchain to integrate all financial services, and create a public blockchain to facilitate daily applications."As of now, a total of 111 people have participated, with 74.8% expressing support, 17.1% opposing, and the voting will continue for 1 more day. (source link)