Hong Kong is reinforcing its commitment to becoming a leading global center for virtual assets by preparing to release a second policy statement. The upcoming statement aims to combine traditional financial strengths with new virtual asset technologies to enhance economic security and flexibility. The government plans to encourage both domestic and international companies to explore innovative uses for virtual asset technology, with the goal of developing a well-regulated digital finance scene. The new policy, set to be released in the second quarter of this year, will focus on balancing industry growth with regulatory oversight to instill market confidence. Additionally, Hong Kong will launch a consultation process to evaluate licensing for over-the-counter virtual asset transactions and custodian services. The regulation of stablecoins is also progressing, with the government introducing a framework and the Hong Kong Monetary Authority planning to expedite licensing for stablecoin issuers. Hong Kong's Securities and Futures Commission has also presented a roadmap called "ASPIRe" to strengthen its position as a global cryptocurrency hub, addressing issues such as liquidity, regulation, and market volatility.



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