Paul Chan: Hong Kong Stablecoin License Expected to be Issued Later This Year

BlockBeats News, January 21st, according to the Hong Kong Economic Times, Hong Kong Financial Secretary Paul Chan participated in a special address session at the Davos World Economic Forum Annual Meeting, stating that finance and technology can mutually reinforce each other. Taking digital assets as an example, this financial innovation not only enhances the transparency, efficiency, inclusiveness, and risk management of financial services but also effectively channels capital to the real economy; moreover, finance is also a key force supporting and empowering technological development.

Paul Chan pointed out that as an international financial center, Hong Kong adopts a proactive and prudent approach to develop digital assets and promotes market responsibility and sustainable development based on the principles of "same activity, same risk, same regulation." Starting from 2023, Hong Kong has granted licenses to 11 virtual asset exchanges and is expected to issue stablecoin licenses later this year. In addition, the government has taken the lead in promoting tokenization development, including issuing three batches of tokenized green bonds totaling approximately $2.1 billion, and launching a regulatory sandbox to encourage application innovation.