Hong Kong SAR Government Will Promulgate A Policy On Virtual Assets In November 2022

The Hong Kong SAR Government will issue a policy statement on the development of virtual assets in Hong Kong at Fintech Week from October 31 to November 4. The policy statement will show the global industry vision to promote Hong Kong to develop into an international virtual asset hub.

Hong Kong Fintech Week will be held from the 31st of this month to the 4th of next month. Hong Kong Finance Minister Chen Maobo published a blog saying that the SAR government will announce information on the development of crypto assets in Hong Kong at the event.

The policy statement includes vision and strategy, management system, attitude to open investor access to virtual assets, and launch pilot projects to capture the technological advantages brought by virtual assets.

The policy statement will clearly articulate the government’s position, showing global industry its vision for promoting Hong Kong to an international virtual asset hub, as well as its commitment and determination. Explore financial innovation with the global asset industry.

Recently, Eddie Yue Wai-Man, director of Hong Kong’s de facto central bank, the Hong Kong Monetary Authority (HKMA), said the HKMA will conducted a series of tests of the central bank digital currency (CBDC) being tested, e-HKD, with banks and tech businesses in the fourth quarter of this year.

Hong Kong is considered a crypto-friendly country, a Forex Suggest study revealed Hong Kong’s position as the best-prepared country for widespread cryptocurrency adoption, with a crypto-readiness score of 8.6.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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