Woo Je-jang Emphasizes Need for International Cooperation with Korea and Others in Web3 Sector at Two Sessions

[Photo by Woo Je-jwang, a member of the National Assembly, expressing his opinion on web3 policy. Photo courtesy of Woo Je-jwang's office]

At the annual major political event in China held on the 4th, the Two Sessions (Lianghui - the National People's Congress 'NPC' and the Chinese People's Political Consultative Conference 'CPPCC'), Wu Jiezhuang, a member of the CPPCC and a Hong Kong Legislative Council member, presented proposals regarding Web3 and metaverse policies.

Legislator Wu has particularly close exchanges with several local governments in Korea and emphasized cooperation with Korea in the fields of Web3 and the metaverse.

On that day, Wu stated, "The development of Web3 has become an important trend in global science and technology advancement, enabling decentralization, security, transparent data exchange, and value transfer," and put forward four proposals.

First, he argued that a specialized Web3 research institution should be established to conduct global joint research and applications in finance, logistics, and energy sectors, supported by relevant policies. He also insisted on jointly building security supervision and investment supervision mechanisms in regulation and management. Emphasizing international cooperation, he called for the rapid implementation of related international cooperation platforms, standardization promotion, and joint research projects.

Wu has greatly contributed to the opening of foreign financial institutions at the Busan International Financial Center, and last year, he visited Andong, Gumi, Gunwi in Gyeongsangbuk-do, and Daegu to seek cooperation, showing strong interest in exchanges with Korea.

He explained, "Korea is an indispensable country in international cooperation on Web3 and the metaverse," adding, "It is a partner that must be involved in international cooperation connecting Hong Kong, China, and Asia." He further stated, "The Guangdong-Hong Kong-Macao Greater Bay Area, connecting Hong Kong, Macao, Shenzhen, and Guangzhou, is the Chinese version of Silicon Valley, and we intend to discuss concrete cooperation in Web3 and metaverse fields between this region and Korea."

Lastly, he emphasized the importance of promotion to raise public awareness and understanding, noting that Hong Kong has opened its first metaverse office to communicate with local residents.

Recently, he advocated issuing the digital Hong Kong dollar as a stablecoin to enhance accessibility to decentralized finance (DeFi), and officially announced the establishment of a global WEB3 hub in collaboration with Hong Kong Cyberport, positioning himself as a leading politician in WEB3 and metaverse policies centered in Hong Kong.

Wu is a first-generation Hong Kong IT entrepreneur who developed the first fingerprint and facial recognition systems in the Chinese-speaking world in 1999 and was listed in the U.S. in 2006. After exiting, he operates the investment firm Goldford VC and the accelerator G-Rocket.

As a top expert in IT, he began his political career after being elected as a CPPCC member and Hong Kong Legislative Council member. Since 2003, he has received numerous awards including the Hong Kong Industrialist Award, Hong Kong Top 10 Digital Figures Award, Wall Street Journal Global Entrepolis Award 2006, Deloitte Asia High-Tech 500, China’s Top Reform Figure Award, China Education Industry Pioneer Award, and Asia Luxury Brand Award, gaining recognition as a next-generation figure in the Chinese-speaking world.