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Hong Kong maintains its backing for the development of the local digital asset sector, according to the chief executive.
The government will persist in its support for a regional crypto/Web3 initiative, Chief Executive John KC Lee stated at Consensus.
(Nikhilesh De modified by CoinDesk)
What to know:
- Hong Kong Chief Executive John KC Lee stated that the government is dedicated to establishing the city as a global center for digital asset and Web3 innovation.
- Lee emphasized the advantages of the “one country, two systems” policy, the substantial liquidity in financial markets, and strong protections for investors as essential factors for crypto advancement in the special administrative region.
- The Hong Kong Monetary Authority is nearing the issuance of the first stablecoin licenses, while the Securities and Futures Commission is focused on enhancing liquidity in the virtual asset market.
HONG KONG — Hong Kong is evolving into a prominent hub for Web3 and crypto innovation, according to its chief executive on Wednesday.
John KC Lee, the chief executive of the Hong Kong Special Administrative Region, launched CoinDesk’s Consensus Hong Kong conference with a brief address regarding the city’s initiatives to develop its crypto communities and enterprises.
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“The HKSAR Government is dedicated to positioning Hong Kong as a global hub for innovation in digital assets,” he remarked in recorded statements. “That’s why, over the past few years, Hong Kong has been actively developing the regulatory framework to support the stable and sustainable growth of our Web3 ecosystem.”
Hong Kong is well-placed to capitalize on both the expanding crypto landscape and its proximity to China and broader financial markets, Lee noted.
“Under the distinct ‘one country, two systems’ framework, Hong Kong uniquely merges the advantages of China with those of the global market,” he stated. “… Additionally, Hong Kong’s financial regulatory system is robust, and our financial market is distinguished by its deep liquidity, innovative offerings, and top-tier investor protection.”
He specifically mentioned Hong Kong’s initiatives in the crypto space, including last year’s policy statement regarding digital asset regulation and the work on stablecoins.
The Hong Kong Monetary Authority is on the verge of granting licenses to stablecoin issuers, with expectations that the first licenses may be released in the upcoming month.
Likewise, Hong Kong’s Securities and Futures Commission is striving to enhance liquidity in the region’s virtual asset market to further “facilitate the advancement of this dynamic sector.”
“Hong Kong is well-positioned to foster Web3 development,” he stated. “Hong Kong will persist in its efforts to remain at the forefront of this crucial transformation in finance and technology. We invite companies and institutions from around the globe to collaborate with us, and construct a more promising digital future together.”
