Xu Zhengyu: Hong Kong will establish a stablecoin regulatory framework to create a new diversified financial landscape

Hong Kong Financial Services and the Treasury Secretary Paul Hui recently attended the Hong Kong New Productivity Forum Series - Building a World-Class Capital Market Forum and met with the media. He said that Hong Kong is actively developing the virtual asset market and the gold commodity market, and is incorporating emerging fields such as financial technology, stablecoins, and green finance into the strategic map of future financial development.

Paul Hui pointed out that as an international financial center, Hong Kong is promoting the integration and development of virtual assets and traditional finance through policy innovation and institutional construction. He emphasized: "Hong Kong will open up new financial fields, including financial technology, virtual assets, stablecoins and green finance."

He further revealed that the SAR government will seek support from the Legislative Council this week to promote the establishment of a legal regulatory framework for stablecoins (the Legislative Council has passed the Stablecoin Bill in the third reading on the evening of May 21 and is expected to take effect this year) in response to the market's strong demand for compliant stablecoins. This move marks that Hong Kong has taken the lead in taking a key step in the global stablecoin regulatory legislation, and is also expected to enhance market confidence and attract high-quality projects to settle down.

Diversified development, steady progress

While developing the virtual asset market, Hong Kong has not neglected the strategic deployment of physical assets such as gold. Through a virtual-real asset system, Hong Kong is striving to build a diversified, resilient and risk-resistant new financial ecosystem.

Xu Zhengyu said that in the next step, Hong Kong will continue to promote the deep integration of financial systems and technological innovation, create more forward-looking and internationally competitive financial products and services, and expand new market space.

Background analysis

In recent years, major financial centers around the world have accelerated their regulatory exploration of emerging financial instruments such as virtual assets and stablecoins. Hong Kong's latest developments show its strategic vision of "seeking a balance between innovation and regulation", which not only ensures the stable operation of the market, but also releases the vitality of industrial development.

From virtual assets to gold commodities, from stablecoin legislation to green financial layout, Hong Kong is moving towards a new era of finance with an open, stable and innovative attitude. With the gradual implementation of the stablecoin legal framework, Hong Kong is expected to occupy a more core position in the virtual asset landscape in Asia and even the world, and become a bridge connecting traditional finance and the Web3 world.