Hong Kong Financial Secretary: Embrace the development of digital assets, currently approving eight virtual asset platform license applications.

On June 23, Hong Kong’s Financial Secretary Paul Chan said at a forum on June 21, “Recently, there has been strong interest in digital assets in the market, especially the issuance of stablecoins has sparked heated discussions. As an international financial center, Hong Kong must continuously reform and innovate to enhance our competitive advantage. We embrace the development of digital assets and have accelerated the improvement of the relevant legal regulatory framework in recent years. For example, the licensing system for virtual asset trading platforms has issued 10 licenses and is currently processing another eight applications. We have also just completed the legislative work for stablecoins, which will come into effect on August 1, making Hong Kong one of the first jurisdictions in the world to establish a legal regulatory framework for stablecoins.”