Government News
Hong Kong Eyes Virtual Asset Boost via Planned Rule System 2022-11-02
China's Hong Kong Special Administrative Region is working on a new licensing regime for virtual assets to attract such service providers to set up shop in the financial hub.
The system covers digital asset businesses and related pilot projects such as the digital Hong Kong dollar, the local government revealed in a policy document yesterday.
Regulators are exploring pilot projects to test technological benefits introduced by virtual assets and their application in financial markets. These projects involve issuing non-fungible tokens during the 2022 Hong Kong Fintech Week, tokenizing government green bonds, and e-HKD.
Hong Kong aims to attract technical, business, and marketing innovation teams in the sector, relying on its relaxed regulation, The Paper reported today, citing Liu Yang, a digital economy expert. The SAR is seeking a new boost from virtual asset businesses to its financial markets while luring more investors, especially young ones, Liu added.
The region must build an independent, controllable and safe trading system so it is likely to implement a licensing regime in virtual asset filing, issuance, trading, and risk control based on the existing rules and technical mechanisms, Liu said, adding that licensing is an effective approach to bring financial businesses under supervision.
Virtual assets are becoming indispensable given future opportunities in areas such as Web 3.0 and the metaverse, according to the policy document. The SAR government and financial regulators are working to provide an environment to promote the sustainable and responsible development of virtual assets in the region. They are ready to engage with global virtual asset exchanges and invite them to set foot in Hong Kong for new business opportunities.
The move demonstrates the government’s vision to develop Hong Kong into an international virtual asset center, Paul Chan Mo-po, financial secretary of Hong Kong, said on Oct. 16.
Application Status
| 04-16 | 21315227 | Processing |
| 03-12 | 21315226 | Processing |
| 09-26 | 21315225 | Processing |
Inquiry Status
| 02-29 | 02131558 | Received |
| 03-06 | 02131557 | Received |
| 11-14 | 02131556 | Received |
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