Pi Network's market and BTC fell below US$78,000 in the past 24 hours, and over 300,000 people have lost their positions in the crypto market; what are the opportunities for Picoin in this crisis? Pi coins in the future! #hongkong Web3 #pinetwork

On the morning of April 7, at the 2025 Hongkong Web3 Carnival, the Financial Secretary of the Hong Kong Special Administrative Region Government, Chan Mo-po, was invited to attend and delivered a speech. Chan Mo-po said that Hong Kong is committed to seeking a balance between innovation and regulation. Hong Kong's stablecoin legislation will be passed soon and will establish relevant compliance licenses for over-the-counter trading and custody businesses. The second virtual asset development statement will be issued this year. Cai Fengyi, executive director of the Investment Products Department of the Hong Kong Securities Regulatory Commission, pointed out that the Hong Kong Securities Regulatory Commission will allow licensed spot ETFs to provide pledge services. Legislative Council member Chiu Dagen emphasized that stablecoins should be regarded as products rather than securities, and revealed that the stablecoin bill will be submitted to the Legislative Council for consideration in May. At the same time, Hong Kong will hold new legislative discussions on token issuance of different entities. Chan Mo-po also said that Hong Kong is committed to promoting the development of the third-generation Internet "Web3.0". Because the blockchain technology behind Web3.0 is characterized by security, transparency and low cost, the SAR government has been seeking to maintain a level competitive environment for market participants through balanced and innovative regulatory methods.