ChainCatcher news, according to Sing Tao Daily, the Hong Kong Legislative Council's Web3 and Virtual Assets Development Subcommittee held a meeting yesterday, focusing on the regulation and development of virtual asset trading platforms in Hong Kong. The Deputy Secretary for Financial Services and the Treasury, Chen Haolian, stated that the popularity of ETFs in Hong Kong has increased in recent months, and they will continue to maintain close contact with the industry. Regarding whether Hong Kong will choose one of the methods used by the Trump couple to issue their own Memecoin as a testing ground, Chen Haolian responded that Hong Kong places great importance on the market's leading role, and the government has also issued its own NFT (non-fungible token).

ChainCatcher news, CESS attended the "2024 Annual Council" and "Digital Economy New Quality Productivity Development Summit" organized by the Hong Kong Web3.0 Standardization Association on January 16, 2025. As a vice council member, CESS was awarded an official certificate by the Hong Kong government during the event, further solidifying its core position in industry standardization efforts.Currently, CESS is actively leading the development of DePIN-related standards within the Hong Kong Web3.0 Standardization Association, focusing on the requirements of distributed storage network technology and the resource effectiveness evaluation system, laying the foundation for Hong Kong's future promotion of data element circulation and the facilitation of new quality productivity in the digital economy. The establishment of these standards aims to provide unified norms and benchmarks for the development of DePIN technology, contributing to the healthy development of the Web3 ecosystem. As a technological pioneer in the industry, CESS continues to drive the implementation and global application of decentralized technology with its innovative capabilities and contributions to standardization.

ChainCatcher news, the Hong Kong government recently announced that it has committed to implementing a crypto asset reporting framework (reporting framework) to enhance international tax transparency and combat cross-border tax evasion, as stated to the OECD Global Forum on Tax Transparency and Exchange of Information.In light of the rapid development of the crypto asset market, the OECD published the reporting framework in June 2023 to ensure the maintenance of global tax transparency. As an extension of the existing "Common Reporting Standard for Automatic Exchange of Financial Account Information on Tax Matters," the reporting framework establishes a similar mechanism for users or controllers of crypto assets to automatically exchange tax-related information on crypto asset accounts and transactions with the tax jurisdiction of their tax residents each year.To ensure the fair and effective global implementation of the reporting framework, the Global Forum has invited all relevant crypto asset industries and tax jurisdictions identified as directly related to the reporting framework (including Hong Kong) to implement the reporting framework.Hong Kong has committed to implementing the reporting framework with suitable partners on a reciprocal basis, with those partners required to meet standards for data confidentiality and security. Considering the latest timeline established by the Global Forum, the government plans to complete the necessary local legislative amendments by 2026 or earlier, and to begin the first automatic exchange of information under the reporting framework with relevant tax jurisdictions starting in 2028.

ChainCatcher News, Hong Kong plans to exempt private equity funds, hedge funds, and ultra-high-net-worth investment vehicles from taxes on cryptocurrency, private credit investments, and other asset returns.This week, the Hong Kong government stated in a 20-page proposal that taxation is "one of the main considerations" for asset management companies when deciding on the location of their business, and the Hong Kong government aims to create a "favorable environment" for them.According to the proposal, the Hong Kong government hopes to expand the scope of tax-exempt investments to include private credit, overseas real estate, and carbon emission allowances. The government is conducting a six-week consultation on the plan.

ChainCatcher news, the Deputy Secretary for Financial Services and the Treasury of Hong Kong, Chen Haolian, stated that the second round of public consultation on the regulation of virtual asset over-the-counter (OTC) trading is planned to be completed next year. A proposed licensing system for regulating virtual asset custodians will also be consulted next year to ensure the secure custody of digital assets meets international standards.Chen Haolian emphasized that the licensing system for virtual asset trading platforms introduced in June last year is an important milestone. Before the end of this year, a bill will be submitted to the Legislative Council to establish a licensing system for fiat-backed stablecoin issuers, creating a secure framework for this emerging market. He pointed out that many financial institutions choose to set up regional headquarters or the largest regional operations in Hong Kong, which means that Web 3 companies can easily access a large pool of potential customers, investors, and business partners.

ChainCatcher news, according to a report by the Hong Kong Economic Times, regarding the future development blueprint of Web3 in Hong Kong, the Secretary for Financial Services and the Treasury, Christopher Hui, stated that the current discussions on Web3 are overly focused on the financial sector, while the underlying technological elements are more important, including disintermediation to enhance transaction and settlement efficiency.

ChainCatcher news, according to a report by Hong Kong media Wen Wei Po, the Hong Kong government will maintain close communication with the Securities and Futures Commission (SFC) to expedite the processing of all platform applications, providing citizens and investors with more secure investment options. Looking ahead, Hong Kong will further improve its regulatory framework, including regulating virtual asset over-the-counter trading service providers, to build a robust ecosystem for the virtual asset industry and promote its responsible and sustainable development.The Hong Kong SFC emphasized yesterday that those virtual asset trading platforms considered for licensing, although they have committed to strengthening their policies, procedures, systems, and monitoring measures to comply with SFC regulations, still need to demonstrate the actual implementation and effectiveness of these measures to gain the SFC's trust. Furthermore, these platforms are not expected to actively promote their services or establish business relationships with new retail clients until they have officially obtained their licenses.

ChainCatcher news, according to the Hong Kong Radio website, the Deputy Financial Secretary of Hong Kong, Huang Weilun, stated that in recent years, the Hong Kong government has focused its policy on promoting innovation in the financial industry, including advancing the development of virtual assets and financial technology. Therefore, it is collaborating with the Hong Kong Stock Exchange to enhance connections with the mainland through the connectivity system, achieving a win-win cooperation in the range and opportunities of investment products.

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.

ChainCatcher news, according to reports, the Hong Kong government stated that it will announce the details of the "Capital Investor Entry Scheme" by the end of the year.In this regard, Legislative Council member from the technology and innovation sector, Kenneth Fok, hopes that the authorities can clarify the scope of assets, such as listing Bitcoin traded on licensed virtual asset exchanges as financial products.

ChainCatcher news, Terry, Senior Manager of the Hong Kong Invest Hong Kong, stated in an interview with IQ Times: "Although my department will not launch a public blockchain, the Hong Kong government is considering creating a public blockchain specifically for Hong Kong, which is still in the planning stage. If this plan is realized, global participants will be able to use this public blockchain."

ChainCatcher news, Hong Kong Blockchain Association co-chairman Fang Hongjin expressed his views on the Hong Kong dollar stablecoin, disagreeing with the suggestion that the Hong Kong government issue the Hong Kong dollar stablecoin backed by foreign exchange reserves.Fang Hongjin stated that the Hong Kong government has already expressed its intention to issue a digital Hong Kong dollar, so using foreign exchange reserves to issue a Hong Kong dollar stablecoin is unnecessary. Furthermore, issuing a Hong Kong dollar stablecoin backed by foreign exchange reserves is unreasonable, as the Hong Kong dollar stablecoin should be pegged to the US dollar or a basket of hard currencies, rather than the Hong Kong dollar itself. Fang Hongjin also raised objections to the government's role in the issuance and regulation of stablecoins, arguing that the government should not play the role of issuer and regulator itself, but rather that private institutions should issue under government supervision. (Source link)

ChainCatcher news, the Hong Kong government has announced the establishment of a dedicated task force for the development of the third generation of the Internet (Web 3.0). The task force is chaired by the Financial Secretary Paul Chan, with 15 unofficial members from relevant industries, as well as representatives from key government officials and financial regulatory bodies. The term of the unofficial members will take effect from July 1, 2023, for a period of two years.Financial Secretary Paul Chan said: "The blockchain technology behind Web 3.0 features decentralization, security, transparency, and low cost, which can address many difficulties and pain points in finance, transactions, business operations, and even daily life. As an international financial center and a metropolis that values innovative technology, Hong Kong embraces the major trend of Web 3.0 development, actively leading and driving related innovative exploration and development while balancing 'appropriate regulation' and 'promoting development', creating more new application models, and striving to gather top enterprises and talents in this field to build a thriving ecosystem. The task force brings together the elites and professionals from relevant industries, and I believe their valuable insights will help Hong Kong develop into a Web 3.0 hub." (source link)

ChainCatcher news, CrossSpace founder 0xLeon shared his thoughts on participating in the Hong Kong Tech Week during an exclusive interview with BlockBeats, as well as his views on Hong Kong's new cryptocurrency policies. He stated: "The discussions on the opening day of Tech Week were all centered around Web3 and virtual currencies. It is evident that the Hong Kong government's attitude towards the crypto industry is changing from the top down, whether it is the SFC, the Monetary Authority, the investment promotion department, or the Financial Services and the Treasury." Regarding policy stability and support, 0xLeon mentioned: "The Hong Kong government will provide a lot of policies and financial support to help projects develop safely and compliantly in Hong Kong.Given the local circumstances, the policy stability is quite strong. The authorities are very encouraging of technological innovation, but there aren't enough local tech innovation companies. Now with policy support, a lot of funding may tilt towards the Web3 industry, and excellent projects will find it easier to gain support if they settle in early." As for advice to entrepreneurs, 0xLeon said: "Whether it's FOMO or EMO, one should view it rationally. There should be no excessive promotion, nor should there be excessive skepticism about the direction of this conference. As entrepreneurs, the most important thing is to seize the good opportunities and chances at hand."