Wu Jiezhang: Encourage the crypto industry to express more opinions to improve the development and policies of Web3 in Hong Kong

Hong Kong Legislative Council member Wu Jietzhuang posted on the X platform, stating, "I am pleased to see that the Hong Kong SAR Government's Financial Services and the Treasury Bureau has new developments in promoting digital asset trading. The SAR Government has officially launched a consultation on legislative proposals for digital asset trading and custody services, which represents a further clarification of the relevant digital asset regulatory activities and responds to the needs and ideas of the market.

The Hong Kong SAR Government has received numerous opinions in the past when consulting the industry about the direction of related over-the-counter trading and custody services. This legislative proposal not only establishes the legitimacy of over-the-counter trading and custody services for cryptocurrencies and digital assets, allowing the industry to operate in a more compliant manner; on the other hand, it can also combat suspected fraudulent activities that use related activities as a guise, helping citizens avoid losses. I encourage the industry to express more opinions within this month to improve the development and policies of Hong Kong's Web3."