Paul Chan: Stablecoin licenses expected to be issued later this year, digital assets to be developed with a proactive yet prudent approach

Foresight News reported, according to Hong Kong Economic Times, that Hong Kong Financial Secretary Paul Chan Mo-po continued to participate in the World Economic Forum Annual Meeting in Davos, Switzerland yesterday (Davos time, January 20). In the morning, he attended the special address by Chinese Vice Premier He Lifeng at the World Economic Forum Annual Meeting. Paul Chan stated that finance and technology can mutually reinforce each other. Taking digital assets as an example, this financial innovation not only enhances the transparency, efficiency, inclusiveness, and risk management of financial services, but also more effectively channels capital into the real economy. In addition, finance is also a key force in supporting and empowering technological development. Paul Chan pointed out that as an international financial center, Hong Kong adopts a proactive yet prudent approach to developing digital assets, and promotes responsible and sustainable market development based on the principle of "same activity, same risk, same regulation." Since 2023, Hong Kong has licensed 11 virtual asset trading platforms and is expected to issue stablecoin licenses later this year. In addition, the SAR government is also leading by example in promoting tokenization, including issuing three batches of tokenized green bonds with a total amount of approximately $2.1 billion; and launching a regulatory sandbox to encourage innovative applications.