Hong Kong to Enhance Virtual Asset Regulations and Tokenization

According to PANews, Hong Kong's Deputy Financial Secretary, Wong Wai-lun, announced plans to further refine the regulatory framework for virtual assets. The government aims to promote broader adoption of tokenization technology in capital markets and improve system development and industry standards. Hong Kong is actively advancing in financial technology, highlighted by the release of a policy declaration on responsible AI application in financial markets in October last year. Additionally, in December, a draft ordinance was submitted to regulate fiat-backed stablecoin issuers.