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Hong Kong Legislator Wu Jie Zhuang Pledges Support for Web3 and Emerging Technologies

Wu Jie Zhuang emphasizes steady stablecoin development under new laws, alongside RWA and sandbox initiatives for compliant trials and global market expansion.

Summary

On December 14, Hong Kong legislator Wu Jie Zhuang reaffirmed his commitment to promoting Web3 initiatives, stating that stablecoin development will advance steadily under new legislation. He highlighted the role of real-world asset (RWA) projects and regulatory sandbox programs in fostering compliance, enabling local trials, and preparing for future entry into international markets.

Terms & Concepts
  • Web3: A decentralized internet ecosystem based on blockchain technology, enabling peer-to-peer interactions without intermediaries.
  • Stablecoin: A cryptocurrency designed to maintain a stable value by pegging it to a reserve asset like the US dollar.
  • RWA (Real-World Asset) regulation sandbox: A controlled framework allowing companies to test blockchain-based applications involving real-world assets under regulatory oversight.