In a significant move for the Web3 landscape, Hong Kong Legislative Council member Wu Jietzhuang has pledged to enhance the development of Web3 technologies, with a particular emphasis on stablecoins and real-world assets (RWA). According to the results published in the material, this initiative aims to solidify Hong Kong's status as a leading financial center in the evolving digital economy.
Advocacy for Stablecoin Regulation
Wu Jietzhuang's advocacy centers on establishing a regulatory framework that aligns with stablecoin operations, which he believes is crucial for fostering innovation and attracting investment in the sector. By promoting a structured approach to stablecoin regulation, he aims to create a safer environment for both developers and users.
Nurturing Developer Ecosystems
Additionally, Wu emphasizes the importance of nurturing developer ecosystems that can support real-world applications of Web3 technologies. His vision includes collaboration with industry stakeholders to ensure that Hong Kong remains at the forefront of the global Web3 movement. This will ultimately drive economic growth and technological advancement in the region.
In a recent development, the US OCC has granted conditional approval for BitGo and Fidelity to become national trust banks, a move that contrasts with Hong Kong's focus on Web3 technologies. For more details, see read more.
