According to Odaily Planet Daily, Hong Kong Election Committee member Wu Jiezhuang said that the government has submitted the (Stablecoin Bill) for first and second readings in the Legislative Council to establish a regulatory system for fiat stablecoin issuers.
Hong Kong's first batch of Bitcoin and Ethereum spot ETFs will be listed this year. Wu Jiezhuang is optimistic about the combination of cryptocurrencies and the real economy, and hopes that the government will improve the legal framework and promote the development of the industry.
Last year, the Hong Kong police received more than 3,400 cryptocurrency cases with losses exceeding 4.3 billion yuan. In the first 10 months of this year, there were more than 2,100 cases with losses exceeding 3.1 billion yuan, and the highest loss in a single case was about 1.6 billion yuan.
Wu Jiezhuang suggested that the government strengthen supervision and publicity and education, and citizens need to understand the investment risks, choose licensed platforms, and act within their means.
