Hong Kong Chief Executive’s 2024 Policy On Virtual Assets

Hong Kong has launched the Chief Government’s 2024 Coverage Deal with, which not solely mentions a variety of digital property, but in addition measures to strengthen digital asset fashions.

The official assertion learn: “The federal government will proceed to advertise progressive monetary providers resembling central financial institution digital currencies, cellular funds, digital banking, digital insurance coverage and digital asset buying and selling. The Treasury Bureau will problem a coverage assertion to elaborate the coverage place and method concerning the appliance of synthetic intelligence within the monetary market.”

The Hong Kong authorities will even take different measures on this course, together with selling cross-border cost options utilizing CBDCs. It’s mentioned that the Hong Kong Financial Authority (HKMA) is actively testing and exploring extra technical options and situations for cross-border commerce settlements by means of the ‘Multi-Central Financial institution Digital Foreign money Cross-Border Community’ (mBridge), and its participation of the general public will increase. and personal establishments.

HK can also be working to enhance the regulation of digital asset transactions. The Treasury Bureau will conclude its second spherical of consultations on over-the-counter digital asset transactions and suggest a licensing framework for digital asset custody service suppliers.

The federal government will even take steps to encourage the tokenization of real-world property and increase the digital foreign money ecosystem. The HKMA is advancing the ‘Ensemble’ monetary market infrastructure venture to discover the tokenization of real-world property and use digital currencies for interbank settlements. As well as, the HKMA is permitting potential issuers to check their enterprise fashions within the “Stablecoin Issuer Sandbox” and, along with the Treasury Bureau, plans to introduce laws this 12 months to manage the issuer of fiat stablecoins.

Lastly, measures to advertise the digital securities market can be taken. The HKMA will introduce the “Digital Bond Subsidy Scheme” to encourage monetary establishments and issuers to undertake tokenization know-how in capital market transactions.