Chen Maobo: It is expected that a stablecoin license will be issued later this year, taking a proactive and prudent approach to the development of digital assets

According to the Hong Kong Economic Journal, Hong Kong's Financial Secretary Paul Chan continued to participate in the activities of the World Economic Forum Annual Meeting in Davos, Switzerland yesterday (Davos time January 20), attending a special address session by Vice Premier He Lifeng at the World Economic Forum Annual Meeting in the morning.

Paul Chan stated that finance and technology can promote each other. Taking digital assets as an example, this financial innovation not only enhances the transparency, efficiency, inclusiveness, and risk management of financial services but also more effectively directs capital to the real economy. In addition, finance is a key force in supporting and empowering technological development.

Paul Chan pointed out that Hong Kong, as an international financial center, adopts a proactive and prudent attitude towards the development of digital assets and promotes responsible and sustainable market development based on the principle of "same activity, same risk, same regulation." Since 2023, Hong Kong has issued licenses to 11 virtual asset trading platforms and is expected to issue stablecoin licenses later this year. Furthermore, the SAR government has also set an example by promoting the development of tokenization, including issuing three batches of tokenized green bonds totaling approximately $2.1 billion and launching a regulatory sandbox to encourage application innovation.