Hong Kong Financial Secretary Paul Chan Mo-po said at a forum on June 21 that the recent market has shown strong interest in digital assets, 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 relevant legal regulatory frameworks 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 legislation on stablecoins, which will come into effect on August 1, making Hong Kong one of the first jurisdictions globally to establish a legal regulatory framework for stablecoins.
