ChainCatcher news, the Hong Kong Special Administrative Region government has issued a policy declaration regarding the development of virtual assets in Hong Kong, clarifying the government's policy stance and guidelines for developing a vibrant virtual asset industry and ecosystem in Hong Kong. The policy declaration covers the following aspects:Vision and Guidelines: Hong Kong is an international financial center that maintains an open and inclusive attitude towards global innovators engaged in virtual asset businesses. The government is currently working with financial regulatory bodies to create a conducive environment to promote the sustainable and responsible development of the virtual asset industry in Hong Kong. Hong Kong will timely establish necessary regulations to mitigate actual and potential risks according to international standards, allowing virtual asset innovation to thrive sustainably in Hong Kong.Regulation: The Hong Kong government believes that a consistent, clear, and comprehensive regulatory framework will help lay a solid foundation to embrace the financial innovation and technological development brought about by the rapid growth of global virtual assets. While intensifying preparations for a new licensing system for virtual asset service providers, Hong Kong is also willing to connect with the global virtual asset industry, inviting relevant exchanges to explore business opportunities in Hong Kong.The Securities and Futures Commission of Hong Kong will conduct public consultations on the appropriate extent to which retail investors can buy and sell virtual assets under the new licensing system. The government holds a welcoming attitude towards the introduction of virtual asset exchange-traded funds (ETFs) in Hong Kong.The government is open to reviewing the legality of tokenized asset ownership and smart contracts in the future to facilitate their development in Hong Kong.The Hong Kong Monetary Authority will later release consultation results and next steps regarding the regulatory framework for stablecoins.Pilot Programs: The government and regulatory bodies are studying the launch of the following pilot programs to test the technological benefits brought by virtual assets and to attempt to further apply the relevant technologies in the financial market. These pilot programs include the issuance of non-fungible tokens (NFTs) for the 2022 Hong Kong FinTech Week, green bond tokenization, and the digital Hong Kong dollar.Outlook: Hong Kong will implement the vision contained in this policy declaration through facilitating policies, comprehensive and balanced regulation, risk-based restrictions, and various pilot programs. The government sincerely invites the global virtual asset industry to collaborate with Hong Kong, leveraging Hong Kong's status as an international financial center, adhering to the best international standards and practices, and unleashing the potential for financial innovation in a clear, flexible, and convenient regulatory environment. (Source link)

According to ChainCatcher, Hong Kong's Financial Secretary Paul Chan revealed that the SAR government will release a policy declaration regarding the development of virtual assets in Hong Kong during the "FinTech Week" (held from October 31 to November 4), showcasing the vision of transforming Hong Kong into an international virtual asset center to the global industry, as well as the commitment to explore financial innovation together with the global asset industry.Chan mentioned that the "Hong Kong FinTech Week" will incorporate new elements, including the distribution of limited edition Proof of Attendance Protocol (POAP) tokens to participants in a first-come, first-served manner in the form of non-fungible tokens (NFTs). Token holders will be able to create their own virtual avatars through 3D scanning, providing guests with a new experience, and in the future, they can use the tokens to gain priority access to other industry events. (Lianhe Zaobao)