HONG KONG, Jan. 21 (Xinhua) -- As an international financial center, Hong Kong adopts a proactive yet prudent approach to the development of digital assets, according to a press release published by China's Hong Kong Special Administrative Region (HKSAR) government on Wednesday.
This is a remark made by Financial Secretary of the HKSAR government Paul Chan at the World Economic Forum (WEF) Annual Meeting in Davos, Switzerland on Tuesday.
Chan said that Hong Kong follows the principle of "same activity, same risk, same regulation" to promote responsible and sustainable market development.
Chan said that since 2023, Hong Kong has issued licences to 11 virtual asset trading platforms, and a licensing regime for stablecoins is expected to be launched later this year.
Chan also highlighted the HKSAR government's leadership role in promoting tokenization, including the issuance of three batches of tokenized green bonds amounting to around 2.1 billion U.S. dollars.
Chan said that finance and technology are mutually reinforcing. Finance also plays a vital role in supporting and enabling technological development.
Financial innovations, such as digital assets, not only enhance transparency, efficiency, inclusiveness and risk management in financial services, but also facilitate more effective capital allocation to the real economy, he added.
During the meeting, Chan met with Director-General of the World Trade Organization (WTO) Ngozi Okonjo-Iweala. Chan said that Hong Kong and China firmly support free trade and multilateralism, and expressed support for the WTO's efforts to pursue reforms in response to current global challenges, with a view to enhancing its agility in addressing emerging issues in international trade.
Chan also held meetings with senior officials from various economies, representatives of international organizations and business leaders to brief them on Hong Kong's latest developments and unique advantages. ■
