Xu Zhengyu: Hong Kong will cooperate with the industry this year to promote the healthy development of financial technology, virtual assets and Web3 ecosystem

In his online column "Treasury Theory", the Secretary for Financial Services and the Treasury of Hong Kong, Paul Hui, wrote that Hong Kong has added virtual assets as eligible asset categories. There are currently more than 1,100 fintech companies, with an annual growth of 15%. Hong Kong will continue to promote the application of central bank digital currency, mobile payment, digital banking, virtual asset trading, etc., and promote the healthy, responsible and sustainable development of Hong Kong's stablecoin and Web3 ecosystem. With the implementation of the virtual asset trading platform licensing system, Hong Kong has made steady progress in virtual asset regulation. Currently, seven trading platforms have been licensed, providing a stable and secure trading environment for market participants. We have also submitted the "Stablecoin Bill" to the Legislative Council, with the goal of establishing a regulatory system that is both suitable for local conditions and in line with international standards and practices. Looking forward to 2025, Hong Kong will work hand in hand with the industry to promote the healthy development of financial technology, virtual assets and the Web3 ecosystem, and inject new momentum into Hong Kong's future economic growth.