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On the World Financial Discussion board in Davos, Monetary Secretary Paul Chan Mo-po stated Hong Kong’s strategy to digital asset regulation is “accountable and sustainable”.
In keeping with a report by the South China Morning Publish, throughout a January 20 session, Chan famous that finance and expertise assist one another, however their progress should be balanced.
He shared that Hong Kong sees digital belongings as a software to enhance transparency, strengthen danger management, and make capital circulate extra effectively.
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Chan said, “We view digital belongings as a monetary innovation that we must always embrace proactively”. He added that the purpose is to make digital belongings serve the true financial system whereas sustaining safeguards to guard markets, traders, and monetary stability.
Chan defined that Hong Kong follows the rule of “similar exercise, similar danger, similar regulation”. Which means any monetary exercise, whether or not conventional or digital, ought to face the identical degree of oversight.
He additionally talked about that the federal government and regulators purpose to behave as “market enablers”, which exhibits management via clear insurance policies and motion.
Hong Kong has been working to strengthen its function as a fintech hub in recent times. Since 2023, town has issued three batches of tokenised inexperienced bonds price a complete of US$2.1 billion.
The Hong Kong Securities & Futures Professionals Affiliation (HKSFPA) lately requested the federal government to regulate components of its plan to use new world crypto reporting requirements from the OECD. What did the affiliation say? Learn the complete story.
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