ChainCatcher news, according to Hong Kong Wen Wei Po, Hong Kong is implementing regulations on cryptocurrency exchanges, but there are only 9 licensed exchanges, primarily serving professional investors. Hong Kong Legislative Council member Wu Jietzhuang stated that Hong Kong's cryptocurrency regulation will welcome a new mechanism this year, with the SAR government establishing a licensing system for over-the-counter (OTC) cryptocurrency trading and requiring OTCs to comply with the Anti-Money Laundering (AML) and Know Your Customer (KYC) provisions of the Anti-Money Laundering Ordinance.In addition, license holders can only conduct spot trading between virtual assets and fiat currencies, and must register and monitor business wallets and transaction records. The Customs Commissioner, as the regulator, is responsible for approving licenses, conducting routine inspections, investigating violations, and imposing penalties, with violators facing fines of up to HKD 1 million or imprisonment for two years. Regarding KYC certification, the SAR government recommends verifying customer identities, assessing and recording the purpose and nature of customer transactions, and continuously monitoring transaction activities.

ChainCatcher news, the Acting Financial Secretary of the Hong Kong SAR, Paul Chan, delivered a keynote speech at the 2024 Caixin Summer Forum today, stating that Hong Kong will continue to vigorously promote financial innovation, focusing on key areas including fintech, green finance, DeFi (decentralized finance), and virtual assets related to Web3 (the third generation of the internet). The SAR government will ensure that financial risks are kept at a controllable level. On the other hand, it will continue to expand the connectivity between Hong Kong and the financial markets of mainland China.

ChainCatcher News: National Committee member of the Chinese People's Political Consultative Conference and Hong Kong Legislative Council member Wu Jiezhuang stated on social media that the U.S. SEC approved the spot Bitcoin ETF in the early hours of Hong Kong time. This move is significant for the virtual asset market and will attract more traditional investors and funds to participate in virtual asset investments.Wu Jiezhuang believes that Hong Kong should also dare to be a "leader" in the virtual asset field, leading the entire industry development through innovative policies. The SAR government should expedite the implementation of the spot ETF and enhance the education on virtual asset awareness.

ChainCatcher news, Hong Kong SAR Chief Executive John Lee delivered a speech at the Innovation, Technology and Arts Development Summit Forum 2023 held today, stating that this forum is themed "Web 3.0 Return: Building a New Golden Starting Point," closely aligning with Hong Kong's direction for developing new growth points in innovation technology and cultural arts under the "14th Five-Year Plan." Web 3.0 represents a new direction for the internet, integrating technologies that have gained significant attention in recent years, and has the potential to become a trend driving the future development of finance and commerce.John Lee emphasized that the SAR government values the development of fintech and Web 3.0, and issued a policy declaration, clearly stating that Hong Kong holds an open and inclusive attitude towards global innovators engaged in virtual asset businesses. The government will collaborate with financial regulatory bodies to create a favorable environment that promotes the sustainable and responsible development of Hong Kong's financial industry. In June of this year, Hong Kong has already implemented a new licensing system for virtual asset trading platforms and is actively exploring regulatory arrangements for stablecoins. The government is also closely monitoring international developments to ensure that Hong Kong's regulatory requirements are prudent and facilitate market development.

ChainCatcher news, the Hong Kong Special Administrative Region government announced today the successful issuance of HKD 800 million tokenized green bonds under the government green bond program (green bond program). This is one of the world's first tokenized green bonds issued by a government.According to the introduction, the 1-year HKD 2 tokenized green bond was priced yesterday, with a yield of 4.05%. This issuance is on a private blockchain network, with the Hong Kong Monetary Authority (HKMA) Debt Instruments Central Clearing and Settlement System (CMU) serving as the settlement and delivery system for the bonds, while the platform is Goldman Sachs' tokenized platform GS DAPTM.ChainCatcher previously reported that Goldman Sachs' new emerging digital asset platform GS DAP has officially launched. The platform is developed based on the Daml smart contract language and the privacy blockchain Canton, ensuring that digital assets share data only with qualified stakeholders through its privacy protocol, while also supporting the scalability required for globally connected assets. (Source link)