Chen Haolian: The Hong Kong government will ensure that the regulatory framework reduces the actual and potential risks of virtual assets

ChainCatcher news, according to a report by the Hong Kong Economic Times, the Deputy Secretary for Financial Services and the Treasury, Chen Haolian, stated in a speech at the Asian Financial Forum that the authorities are proactive participants in promoting the development of virtual assets and the third-generation internet ecosystem, and plan to amend regulations to bring the trading activities of virtual asset over-the-counter exchanges under regulatory oversight. Chen Haolian pointed out that the government will ensure that the regulatory framework manages and mitigates the actual and potential risks of virtual assets while providing a transparent and predictable regulatory environment for industry development. Web3, built on a solid foundation of blockchain technology, is a rapidly developing field; Hong Kong has always emphasized the resilience of financial markets, and the same applies to virtual assets.

He mentioned that there are over 20 economies and more than 170 entities related to the third-generation internet established in Hong Kong; the licensing system for virtual asset trading platform operators was implemented last June, and two virtual asset trading platform operators have already been licensed, while the Securities and Futures Commission is also reviewing applications submitted by over 10 platform operators. The consultation on the proposed regulatory framework for stablecoins released last December has engaged the public, and the Monetary Authority will launch a sandbox arrangement to facilitate exchanges of views between regulatory bodies and the industry.