Odaily Planet Daily reported that Hong Kong election committee member of the Legislative Council, Wu Jiezhuang, stated in an interview that last week the government submitted the (Stablecoin Regulation Draft) for the first and second readings in the Legislative Council, establishing a regulatory framework for fiat-backed stablecoin issuers. The first batch of Bitcoin and Ethereum spot ETFs in Hong Kong was also listed this year. He is optimistic about the integration of cryptocurrency's virtual economy with the real economy and hopes the government will continue to improve the relevant legal framework to dismantle barriers for the industry and promote the development of the cryptocurrency sector under manageable risks. Wu Jiezhuang believes that if the industry's development is ideal, it will be quite significant for consolidating Hong Kong's status as an international financial center and developing into an international innovation and technology hub. The Hong Kong police reported that last year there were over 3,400 cases related to cryptocurrency, with losses exceeding 4.3 billion HKD. In the first ten months of this year, there were over 2,100 cases, with losses exceeding 3.1 billion HKD. Among these cases, the single highest loss amount was about 1.6 billion HKD. Wu Jiezhuang stated that besides strengthening regulation and public education, citizens should also enhance their understanding of cryptocurrencies, be aware of investment risks, avoid small temptations, choose licensed trading platforms when investing, and act within their means. (Wen Wei Po)

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