- The new policy aims to make Hong Kong a leader in digital finance and innovation.
- Stronger regulations for virtual assets will help create a safer trading space.
- The state is working to attract more businesses and improve economical services.
John Lee Ka-chiu, chief executive of the Hong Kong Special Administrative Region, presented his 2024 Strategy Address on Wednesday. His message emphasized the importance of creative monetary services, including the promotion of Central Bank digital currencies and regulations for electronic assets.
This focus aims to strengthen Hong Kong’s status as a global financial hub. Lee’s vision looks to create new growth opportunities while committing to economic development.
A Blueprint for Financial Progress
The address had nine chapters under the theme “Reform for Enhancing Development and Building Our Future Together.” This plan aims to strengthen the city’s financial landscape. Lee stated that the government will actively promote CBDCs for international settlements. The Hong Kong Monetary Authority will explore technology solutions on the mBridge platform. Consequently, this initiative seeks to involve both the public and private sectors in advancing banking innovation.
Additionally, the policy address included important measures to improve regulations around virtual asset trading. The Financial Services and Treasury Bureau plans to complete its second round of public consultation. This consultation will focus on proposals for over-the-counter trading of virtual assets. After this, a licensing regime for VA custodians will be introduced to ensure safer trading.
Pioneering Technological Initiatives
Furthermore, Lee discussed the HKMA’s Project Ensemble. This initiative aims to advance real-world asset tokenization while developing a digital money ecosystem. The project will emphasize using tokenization for interbank settlements. Hence, this approach supports trading in various assets while promoting financial market innovation.
The HKMA will allow stablecoin issuers to test their business plans through a stablecoin issuer sandbox. A draft bill will regulate fiat-reference stablecoin issuers later this year. These measures aim to build a secure and innovative environment for virtual asset transactions.
Expanding Global Market Opportunities
Moreover, Lee highlighted the need to deepen mutual market access. He outlined plans to enhance the offshore Yuan business. The government wants to establish a central clearing system for yuan-denominated bond repurchase transactions. This initiative will increase the appeal of Yuan sovereign bonds as collateral in offshore markets.
To attract more stock market listings, Lee announced specific measures. These measures will provide clarity regarding the time needed for vetting listing applications. Consequently, the government seeks to create a better environment for businesses to thrive.
The post Hong Kong’s 2024 Policy Address Focuses on Financial Innovation and Growth appeared first on Crypto News Land.
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