Ng Kit-chung: Believes Hong Kong's stablecoin development will not see major changes and will continue to move forward steadily
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Ng Kit-chung: Believes Hong Kong's stablecoin development will not see major changes and will continue to move forward steadily
Hong Kong Legislative Council member Ng Kit-chi posted on social media saying, "I am honored to have been successfully re-elected as a member of the Eighth Hong Kong Legislative Council. Throughout the election process, I emphasized that I will continue to promote Hong Kong's Web3 development in the upcoming term and assist the Hong Kong Special Administrative Region government in advancing cutting-edge future industries such as embodied intelligence, quantum computing, and space technology, establishing Hong Kong's unique role as an international innovation and technology hub as designated by the nation. Recently, there have been many questions about Hong Kong's Web3 development, including the future direction of stablecoins and RWA. As I was in the middle of the election process, I did not respond to each point in detail at that time, so I would like to share my views here: I believe Hong Kong's stablecoin development will not undergo significant changes and will continue to progress steadily. The stablecoin legislation passed during the Seventh Legislative Council followed extensive deliberation and discussion. I believe the development will proceed in alignment with both international standards and Hong Kong's actual financial environment, starting with local market trials and aiming toward international markets, leveraging Hong Kong's status as a financial and technological innovation center. RWA is currently a widely discussed topic across both traditional and Web3 industries. Hong Kong has already launched a regulatory sandbox, and under this framework, we can explore the importance of compliant development and future regulatory directions. I believe various industries should boldly experiment with integrating Web3 technologies, which will likely drive widespread real-world applications. Developer demand is rapidly increasing. Over the past three years, Hong Kong's open policies have attracted a large number of Web3 companies to develop here, continuously driving up demand for related development talent. The Hong Kong SAR government has consistently promoted the development of the Northern Metropolis and the Lok Ma Chau Loop area in the Hong Kong-Shenzhen border region, beyond merely attracting
Navigating Web3 tides with focused insightsTechFlow news, December 14 — Hong Kong Legislative Council member Wu Jiezhuan posted on social media stating, "I am honored to have successfully been re-elected as a member of the Eighth Hong Kong Legislative Council. Throughout the election process, I emphasized that I will continue promoting Hong Kong's Web3 development in the legislature and assist the Hong Kong Special Administrative Region government in advancing cutting-edge future industries such as embodied AI, quantum computing, and space technology, establishing Hong Kong’s unique role as an international hub for innovation and technology as designated by the nation. Earlier, there were many questions regarding Hong Kong's Web3 development, including the future direction of stablecoins and RWA development. As I was in the midst of the election process, I did not respond in detail at the time, so I would like to share my views here:
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I believe Hong Kong's stablecoin development will not undergo significant changes and will continue progressing steadily. The stablecoin bill passed during the Seventh Legislative Council followed extensive deliberation and discussion. I believe the development will align with both international standards and Hong Kong's actual financial environment, moving forward steadily—starting with trials in the local market and aiming to expand into international markets, leveraging Hong Kong’s status as a financial and innovation-technology center.
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RWA is currently a widely discussed topic in both traditional and Web3 industries. Hong Kong has already promoted a regulatory sandbox, under which compliance development and future regulatory directions are expected to be explored. I believe various industries should boldly experiment with integrating Web3 technologies, which could drive substantial real-world applications.
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There is rapidly growing demand for developers. Over the past three years, Hong Kong’s open policies have attracted numerous Web3 companies to establish operations here, continuously increasing demand for technical development. The Hong Kong Special Administrative Region government has consistently advanced the development of the Northern Metropolis and the Lok Ma Chau Loop area, attracting enterprises while also fostering talent growth. An increasing number of Web3 public chains, compliant exchanges, and foundational infrastructure companies are setting up in Hong Kong. In my early entrepreneurial days, I started as a developer myself, and I deeply understand that the success of developers and tech innovators are inseparable. Moving forward, I will assist the industry in building a talent ecosystem and encourage more developers and professionals to settle in Hong Kong."
