Hong Kong Financial Secretary Paul Chan: Hong Kong is advancing the progress of stablecoins to provide experience and reference for the country's financial development.

Gate News bot message, Hong Kong Financial Secretary Paul Chan published an essay “Speeding Up and Steady Sailing” on June 15, announcing specific data on the development of digital assets in Hong Kong. The data shows that in 2022, the total transaction amount of digital assets and related products by local banks reached 17.2 billion HKD, and by the end of the year, the total amount of digital assets custodied by banks reached 5.1 billion HKD.

Chan Mo-po introduced that since the Hong Kong government issued its first policy declaration on the development of the digital asset market at the end of 2022, the relevant market has clearly accelerated its development in Hong Kong. To date, 10 virtual asset trading platforms have been licensed, and the SFC is processing license applications for another eight.

Chan Mo-po also announced that Hong Kong is about to publish its second digital asset development policy declaration, outlining the next steps for policy vision and direction. A series of specific measures include better integration of the advantages of traditional financial services with technological innovations in the digital asset field, enhancing the security and flexibility of digital assets in real economic activities, and encouraging local and international enterprises to explore innovations and applications of digital asset technology.

In the field of stablecoins, Hong Kong is promoting relevant developments, providing a new paradigm for the global stablecoin market, and playing the role of a firewall and experimental field under the “one country, two systems” framework, offering experience and reference for national financial development.