Hong Kong’s Web3 policy has reached another milestone, Dr. Wu Jiezhuang: Building a global innovation highland

On the evening of June 13, 2025, at 18:46 - During the "Hong Kong Web3 Policy Engine: Driving Global Innovation Highlands?" themed Space event hosted jointly by Techub News, Web3Labs, and MetaEra, Dr. Wu Jiezhuang, a National Committee member and Chairman of the Hong Kong Legislative Council's Web3 and Virtual Asset Development Committee, delivered an excellent speech, sharing the latest policy developments and future blueprint for Hong Kong in the Web3 and virtual asset domains. He emphasized that Hong Kong is accelerating to become a global Web3 innovation highland through a robust regulatory framework and forward-looking policies, injecting strong development momentum for local and international industries.

Dr. Wu pointed out that the "Stablecoin Regulation Bill" passed by the Hong Kong Legislative Council on May 21 is a milestone in Web3 development. The regulation will officially take effect on August 1, with the Hong Kong Monetary Authority (HKMA) launching the stablecoin license application procedure, providing a clear compliance framework for issuance and trading. This move not only demonstrates Hong Kong's strategic determination to embrace Web3 but also injects a "strong booster" into the local Web3 ecosystem. Dr. Wu stated that stablecoin regulation will attract more quality institutions, promoting the standardization and internationalization of Hong Kong's virtual asset market.

Additionally, Hong Kong's exploration in the Real World Assets (RWA) track has garnered significant attention. From digital real estate bonds to more asset on-chain attempts, Hong Kong is moving towards the forefront of deep integration between Web3 technology and the real economy. Dr. Wu emphasized that these developments bring "unprecedented development imagination space" to the Hong Kong Web3 ecosystem.

In his speech, Dr. Wu reviewed the latest global Web3 developments. He mentioned that the United States recently passed stablecoin-related bills, showing high importance to virtual assets; Singapore also proposed new regulatory requirements for the crypto asset industry before June 30, with far-reaching implications. Meanwhile, Hong Kong is consolidating its international financial center status through policy innovation, leveraging the unique advantages of "one country, two systems".

Hong Kong Financial Secretary Chen Maobo recently announced the release of a digital asset industry development "2.0 blueprint" in June, further clarifying the development direction after the first blueprint in 2022. Dr. Wu revealed that the new blueprint will focus on three aspects: first, regulating over-the-counter (OTC) and custody businesses, filling existing regulatory gaps; second, enhancing liquidity of crypto asset trading, increasing market depth and breadth; third, promoting integration of virtual and real economies, such as exploring digital currency applications in the Guangdong-Hong Kong-Macau Greater Bay Area. He specifically mentioned that the SPI (20 new measures) issued by the Hong Kong Securities and Futures Commission in February provides policy support for financial service innovation.

Future Outlook: Hong Kong Leading the Global Web3 Wave

As an active promoter and witness of Hong Kong's Web3 policies, Dr. Wu shared future focus areas. He stated that he will continue to promote OTC and custody business regulation, combat illegal activities, protect investors; meanwhile explore standardized management of DAOs (Decentralized Autonomous Organizations) in Hong Kong, leveraging the experience of handling the world's first DAO dispute case to build a judicial highland. Additionally, he emphasized Hong Kong's potential in digital currency applications in the Greater Bay Area, expecting to support national trade and economic development through financial innovation.

Dr. Wu also mentioned that Web3 summits and Bitcoin conferences hosted by Hong Kong in recent years have attracted global attention, with the upcoming Bitcoin conference in August and the Feitian Conference at the end of the year being particularly anticipated. He called for global talent and resources to converge in Hong Kong, jointly building "Hong Kong of China, Hong Kong of the World" and promoting the thriving development of the Web3 industry.

Dr. Wu Jiezhuang concluded: "Hong Kong is not just Hong Kong of China, but also Hong Kong of the world. We are confident that through stable policies and an open innovative environment, we will build Hong Kong into a global Web3 innovation highland, contributing to the country's financial innovation."