On the 5th of June, Hui Zhengyu (the Secretary for Financial Services and Treasury) reportedly disclosed the exclusive measures and developments for stablecoins. As per the reports, Zhengyu revealed the new advancements in financial technology as well as the rest of the innovative financial services offered in Hong Kong. A local news outlet named Zhitong Finance reported this along with the progress related to the regulation of virtual assets.
Hong Kong Monetary Authority Establishes a Regulatory Agenda to Cover Stablecoins
Zhengyu mentioned that a task force will be established by the country’s financial secretary for the directive to hold on to the opportunities driven by Web5. The respective task force will offer advice for the promotion of responsible and sustainable development advancement in the Web3 market. Apart from that, the Hong Kong Monetary Authority is endeavouring to develop a regulatory agenda for stablecoins.
Moreover, the agency is also attempting to organize consultations for the second time within the current year. The fintech sector of the country at present has more than 800 platforms that offer a broad series of convenient and innovative financial services. These services take into account the trading of virtual assets, their insurance, virtual banking, blockchain, cross-border remittance, as well as mobile payment.
The development within the fintech sector has additionally allured new talents to be a part of the industry. HKSTP and Cyberport currently have nearly six hundred employees. Both of these entities are anticipated to see continuous development. This would provide additional development-related opportunities for exclusive talent within the jurisdiction of Hong Kong as well as overseas.
The Authorities Emphasize the Advancement of the Digital Assets
The government of Hong Kong pays considerable attention to the virtual assets’ development. The issuance of the Virtual Assets Policy Declaration was conducted in October last year. This set up the policy principles and vision of the authorities. A positive response has been provided by the industry in this respect while several overseas and mainland enterprises are expressing interest in the development witnessed in the country.
This will be assistive in the construction of a Web3 ecosystem for nurturing the relevant talents. The Hong Kong Securities and Futures Commission (SFC) declared the regulatory requirements in the previous month. Following that, the licensing regime was implemented this month. According to the reports, the licensing regime will assist in guaranteeing the systematic development of the industry along with the protection of the investors’ interests.
