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Wu Jiezhuang: Hong Kong Legislative Council plans to read the new law on stablecoins and over the counter at the end of the year or early next year

On July 29, Wu Jiezhuang, a member of the Legislative Council of the Hong Kong Special Administrative Region, said that Interpol issued a red notice for Huang Zhengjie and Mo Junting, believing that the police must have searched a lot of evidence to prove the role played by the people involved in the case, and also prove that the blockchain and the Internet are not extrajudicial places, and fraudsters must be brought to justice. He also pointed out that the warrant is not purely symbolic, because governments of various countries attach great importance to the cooperation and support of commercial fraud cases, and it is expected that the relevant persons will be arrested soon. Wu Jiezhuang also said that the future Legislative Council will enact two new laws on virtual assets, including stablecoins and over-the-counter transactions, which are expected to be read for the first time by the Legislative Council at the end of this year and early next year. He cautioned that if people claim to invest in virtual currencies with low risk and high return, they must be careful. Second, all investment products must be purchased in licensed institutions, and relevant information on the Securities Supervision Commission can be consulted. Finally, the SAR government can increase investor education resources.