Wu Jiezhuang: Virtual banks should increase diversified services, Hong Kong should set up virtual asset banks as soon as possible.

Hong Kong Legislative Council member Wu Jiezhuang posted on social media: "The Hong Kong Monetary Authority recently released a report on virtual banks. I appreciate the support of the Hong Kong SAR Government in upgrading banking services and developing virtual banks over the past few years. However, my team conducted an investigation on the impact of Web3 companies on Hong Kong banking services, and the findings indicate that Web3 companies are facing difficulties in opening accounts, which hinders their effective business development. Therefore, at today's press conference, I propose: 1. Virtual banks should diversify their services and develop in a complementary manner with traditional banks. 2. Hong Kong should expeditiously establish virtual asset/digital asset banks or upgrade virtual banks to manage virtual assets in order to align with the SAR Government's development of Web3. 3. Hong Kong should accelerate the development of the Web3 ecosystem. At present, virtual asset policies have become a focus of global government discussions. We should strive to become a center for Web3 in Hong Kong and promptly promote the development of the entire chain and ecosystem.