Hong Kong NPC Delegate: Caution Needed in the Development of Stablecoins, Virtual Assets, and Other Emerging Financial Products

BlockBeats News, March 8th, Rita Fan, Chairperson of the Hong Kong Legislative Council and a member of the National People's Congress, stated that she will fully support Hong Kong's first 5-year plan. Vincent Chan, a Hong Kong NPC delegate, pointed out the need to prudently develop stablecoins, virtual assets, and other emerging financial products. Many financial institutions, including banks, securities firms, and insurance companies, have already used artificial intelligence. It is necessary to better regulate the use of AI, including improved supervision, to ensure the financial security of Hong Kong and prevent any issues.

In addition, Holden Chow, a member of the Hong Kong Legislative Council Election Committee, stated that the "14th Five-Year Plan" represents the direction of the country's development for the next five years and beyond. In this new stage, Hong Kong should fully leverage its own advantages, develop the "four centers and one highland," consolidate and enhance Hong Kong's status as an international financial, shipping, and trade center, and vigorously build an international innovation and technology center. Hong Kong is currently the world's third-ranked international financial center, but it absolutely has the opportunity to further advance and become the world's second. (Sing Tao Daily)