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.

ChainCatcher news, the Hong Kong Legislative Council's Web3 and Virtual Assets Development Subcommittee held a meeting on November 19 to discuss the promotion of blockchain technology applications and Web3 development. Business sector member Yan Gang suggested combining the virtual asset index with the development of local stablecoins, allowing Hong Kong to gain a certain degree of influence in the pricing power of virtual asset trading. He hopes that the SAR government will further plan in this regard.

ChainCatcher news, Hong Kong Special Administrative Region Legislative Council member Yan Gang stated in an interview that the development of the digital Hong Kong dollar should be accelerated, financial products enriched, and market influence enhanced. Digital currency adapts to the digitalization of finance and has the potential to lead innovation in the fintech sector. By establishing more efficient payment and financial infrastructure, digital currency can improve the efficiency and convenience of the financial industry. Developing digital currency in Hong Kong can also attract more fintech and blockchain-related companies to develop in Hong Kong, further promoting the city as an innovation center for fintech and enhancing the innovative technological content of the international financial center, thereby elevating its status as an international financial hub. It is recommended that the government learn from the experience of the mainland, collaborate deeply with relevant mainland units, accelerate the process of the digital Hong Kong dollar, and actively research the promotion of the digital currency economy.