Hong Kong Government Issues Policy Statement on Development of Virtual Assets

Hong Kong Government today issued a policy statement on the development of Virtual Assets (VA) in Hong Kong, which covered the four following topics:

1. Vision and approach: As an international financial centre, Hong Kong is open and inclusive towards the global community of innovators engaging in VA businesses. The Government, in conjunction with the financial regulators, are working towards providing a facilitating environment for promoting sustainable and responsible development of the VA sector in Hong Kong. The Government will put in place timely and necessary guardrails to mitigate actual and potential risks in line with international standards, so that VA innovations can thrive in Hong Kong in a sustainable manner.

2. Regulations: With consistency, predictability and clarity gradually established by a comprehensive regulatory framework, the Government has a solid foundation to further embrace financial innovations and technology development brought by the rapid development of VA globally. As the Government steps up its preparatory work for a new licensing regime for VA Service Providers, it's ready to engage with global VA Exchanges and invite them to set foot in Hong Kong for new business opportunities.

3. Pilot projects: The Government and the regulators are exploring a number of pilot projects to test the technological benefits brought by VA and their further applications in the financial markets. These projects include NFT issuance for Hong Kong Fintech Week 2022, Green bond tokenisation, and e-HKD.

4. Way forward: The vision presented in the policy statement will be achieved by facilitating policies, comprehensive and balanced regulations, risk-based guardrails, as well as pilot projects. The Government sincerely invites the global VA community to join hands with it and leverage on Hong Kong's status as an international financial centre to realise the potential of financial innovations under a clear, agile and facilitating regulatory environment, adhering to best international standards and practices.

Source

Policy and Regulation

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