CandleFocus Hong Kong Treasury says crypto is not a ‘target asset’ for its Exchange Fund
2024-12-11
Author: Content Editor
The Hong Kong Treasury Department does not consider crypto to be a target asset for the nation's Exchange Fund, but the fund does hold a small amount of crypto assets through external investment managers. The Secretary for Financial Services and the Treasury, Joseph Chan, responded to a suggestion to add cryptocurrencies to the fiscal reserves by stating that they are not the target asset for investments. However, authorities have issued a policy declaration on the development of virtual assets and introduced a licensing system for virtual asset service providers in line with international standards. The Hong Kong government is also looking to speed up the making of crypto regulations.
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