Hong Kong Chief EXECUTIVE LI Ka-chiU: Regarding virtual assets, the Government has submitted a Bill proposing the introduction of a statutory licensing system for service providers

Hong Kong Chief Executive Li Ka-chiu said in his first Policy address on October 19 that he would continue to enhance the competitiveness of fintech. It will vigorously promote fintech, including encouraging more fintech services and products to conduct proof-of-concept testing, promoting cross-border fintech projects, and fostering fintech talent. The "Business Data Link" will be launched this year. It will provide a one-stop platform for enterprises to share their operational data, enable banks to accurately assess the situation of enterprises, and improve the chances of smes being approved for loans. For virtual assets, the Government has introduced a Bill proposing the introduction of a statutory licensing system for service providers. The HKMA is studying market views on regulatory stablecoins and will ensure that the regulatory regime is compatible with international regulatory proposals and appropriate to local conditions. In addition, the HKMA has started preparatory work for the "digital Hong Kong Dollar" and is working with mainland institutions to expand the testing of the "digital Renminbi" as a cross-border payment instrument in Hong Kong.