Hong Kong to Release New Virtual Asset Policy Declaration Amid Market Developments

According to PANews, Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, announced plans to issue a second policy declaration on virtual asset development. This declaration aims to outline future policy visions and directions in response to the latest developments in the virtual asset market. The policy will explore the integration of traditional financial services with technological innovations in the virtual asset sector, enhancing the security and flexibility of real economic activities. It will also encourage local and international enterprises to explore innovations and applications in virtual asset technology. Additionally, Hui mentioned that the Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors. Emphasizing the importance of robust risk management measures, this initiative is expected to diversify Hong Kong's market offerings while ensuring orderly, transparent, and secure trading. In efforts to assist fintech companies in expanding their business, the Invest Hong Kong department is actively collaborating with industry stakeholders to promote and expand Hong Kong fintech enterprises in the Greater Bay Area, facilitating further market penetration in mainland China.