ChainCatcher news, the chairman of the Hong Kong Legislative Council's Web3 and Virtual Assets Development Subcommittee, Wu Jietzhuang, conducted a survey of the Web 3.0 industry this month. Today, the survey results were announced, revealing that most Web 3.0 companies based in Hong Kong face difficulties in opening bank accounts. Among them, when opening accounts with virtual banks, companies are often required to have shareholders or directors visit Hong Kong multiple times, maintain fixed deposits, and face high fees, taking nearly six months to successfully open an account. Wu Jietzhuang stated that while opening accounts with virtual banks is easier than with traditional banks, the prolonged delays for these Web 3.0 companies to open accounts are undoubtedly a fatal blow to their business operations in Hong Kong. He suggested that the government and banks relax conditions where feasible.

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, National Committee member of the Chinese People's Political Consultative Conference and Hong Kong Legislative Council member Wu Jiezhuang tweeted that the global fintech summit, The Bitcoin Conference, will be held in Hong Kong.

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, in response to the concerns of many industry insiders that the recent unlicensed cryptocurrency exchange JPEX case in Hong Kong may lead to more cautious cryptocurrency regulatory policies in Hong Kong, Legislative Council member Wu Jiezhuang stated in an interview with ChainCatcher: "The JPEX case, as a single event, will not overall affect Hong Kong's cryptocurrency regulatory policies. Currently, the JPEX case has not been adjudicated, and it only indicates that the exchange has suspicions and possibilities of fraud, which may not involve cryptocurrency trading activities. I have also communicated with the leaders of government departments, and they similarly believe that the JPEX incident will not have a significant impact on overall policy. Instead, they view this incident as a good education for investors, emphasizing that trading should be conducted on licensed exchanges to ensure asset safety."In addition, Member Wu Jiezhuang also mentioned that the JPEX case has highlighted some regulatory loopholes, such as the fact that offline cryptocurrency exchange shops have not yet been included in regulation, which is something the government needs to improve in the future. Furthermore, the government should disclose suspicious information as early as possible and timely remind users to minimize their losses.

ChainCatcher news, according to a report by the Hong Kong Economic Journal, Legislative Council member Wu Jiezhuang revealed that he took advantage of the Legislative Council's summer recess to visit six provinces in mainland China and Singapore for inspections. During his visit to Singapore, he found that it is quite common for large luxury goods transactions, such as private jets, to be conducted using virtual currencies like USDT. He believes that Hong Kong should catch up quickly and improve its regulatory framework. He also thinks that the digital Hong Kong dollar to be launched in the future can play the role of a stablecoin, promoting the development of virtual asset trading in Hong Kong.

ChainCatcher news, according to Sing Tao Daily, Hong Kong "Legislative Council C15+" members today submitted a policy report proposal to Hong Kong Chief Executive John Lee. Among them, Wu Jiezhuang, representing the innovation and technology sector, called for Hong Kong to develop a "digital Hong Kong dollar" to make Hong Kong a "virtual asset-friendly city," facilitating the use of virtual currency for daily transactions through policy.

ChainCatcher news, according to a report by The Paper, the 14th National Committee member of the Chinese People's Political Consultative Conference and Hong Kong Legislative Council member Johnny Ng stated that virtual assets are just the first step for Hong Kong to develop Web3.0. "Web3.0 also includes underlying technologies and the integration with the real economy. How to combine various industries with Web3.0 to improve our productivity, efficiency, and effectiveness is the goal of Hong Kong in building the entire Web3.0 ecosystem." He also mentioned, "Shanghai also has digital asset exchanges. In the future, will these exchanges be able to interconnect with the virtual asset exchanges in Hong Kong that obtain licenses? I very much hope there will be discussions in these areas in the future."

ChainCatcher news, Hong Kong Legislative Council member Wu Jietzhuang hopes that the Hong Kong authorities will relax the time limit for foreign talent to stay in Hong Kong, attracting them to reside in Hong Kong for development, and further suggests the introduction of a "digital citizen" identity.He stated: "They can come to Hong Kong to work, but not as individual entities coming over; it is a virtual identity to be an electronic citizen, allowing them to open companies, do business, and open bank accounts in Hong Kong. It also declares to the world that Hong Kong is very proactive in science and technology innovation, and I hope Hong Kong can seize this opportunity. From what I understand, many people are interested."

ChainCatcher news, Hong Kong Legislative Council member and National Committee member Wu Jiezhuang tweeted that he has contacted Coinbase to specifically understand the opportunities for Coinbase's development in Hong Kong, and further updates will be communicated.Wu Jiezhuang previously stated that he welcomes global virtual asset exchanges, including Coinbase, to apply for compliant trading platforms in Hong Kong and discuss listing plans, and he is willing to provide assistance. (Source link)

ChainCatcher news, Hong Kong Legislative Council member and co-founder of the startup accelerator G-Rocket, Wu Jiezhuang, led the establishment of the Hong Kong "Web3Hub" fund this week. He stated that he has suggested to the Hong Kong Monetary Authority to issue a digital Hong Kong dollar in the form of a "stablecoin," which will help promote future online cross-border transactions and reduce the risk of financial crises.Wu Jiezhuang continued to say that if the Hong Kong government can create another milestone by becoming the world's first official issuer of a stablecoin, backed by cash to enhance stability, it could avoid bankruptcy turmoil and also bring the Hong Kong dollar into the Web 3.0 market. (Source link）