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Wu Jiezhuang: It is recommended that Hong Kong establish a "virtual asset bank" to address industry pain points

Wu Jiezhuang, a member of the National Committee of the Chinese People's Political Consultative Conference and a member of the Legislative Council of the Hong Kong Special Administrative Region, wrote an article in Takungpao titled "Inside and Outside the Parliament/Three-party Cooperation to Develop 'Virtual Asset Banks'". The article pointed out that in order to address industry pain points, a "virtual asset bank" should be established to further provide comprehensive virtual financial services and facilities, including buying and selling and exchange services of virtual currencies for individual customers, providing unified virtual asset clearing, settlement, and custody services for qualified virtual asset service providers, reducing the market entry threshold for small and medium-sized investors; and assisting and encouraging the industry to provide related "intermediate income businesses" such as insurance, funds, asset management, etc., to provide more innovative virtual financial products and services, and to comprehensively develop the ecosystem combining traditional and virtual finance.

Hong Kong
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