Wu Jiezhuang: The Hong Kong Legislative Council is planning to have the first reading of the new law on stablecoins and Over-the-counter Trading at the end of this year or early next year.

On July 29th, Hong Kong Legislative Councilor Wu Jiezhuang stated that the Interpol’s red notice for Wong Jeh Tze and Mak Chun Ting is believed to have resulted in the police discovering a lot of evidence to prove the role played by the suspects in the case, demonstrating that blockchain and the Internet are not lawless places and that scammers will be brought to justice. He also pointed out that the red notice is not just symbolic, as governments around the world attach great importance to commercial fraud cases and will cooperate and support them, and it is expected that the relevant persons will be arrested soon. Wu Jiezhuang also stated that the Legislative Council will enact two new laws on virtual assets in the future, including stablecoins and over-the-counter trading laws. It is expected to be first read by the Legislative Council at the end of this year and the beginning of next year. He reminded that if someone claims that investing in Virtual Money is low risk and high return, they must be careful; secondly, all investment products must be purchased from licensed institutions, and relevant information can be found on the website of the Securities and Futures Commission; finally, the government can increase investor education resources.