Hong Kong's digital-asset strategy aims to solve ‘real economy problems', Chris Hui says
stablecoins and other tokenised financial products, part of the city's effort to build a trusted and sustainable digital-asset market that can tackle real-world economic problems, said the architect of the strategy.
Eleven cryptocurrency exchanges have been licensed by the Securities and Futures Commission to operate in Hong Kong, a sea change over three short years after a raft of policies, regulations and guidelines were put in place to put the city on the leading edge of financial technology.
More initiatives are in the works, said the Secretary for Financial Services and the Treasury Bureau, Christopher Hui, as Hong Kong becomes the crucible for testing the best global technological solutions for real-world problems.
09:07
Hong Kong charts new phase as digital asset hub with policy blueprint, says FSTB chief Chris Hui
Hong Kong charts new phase as digital asset hub with policy blueprint, says FSTB chief Chris Hui
'Finance serves the purpose of easing the smooth operation of the real economy, the value chain, the movement of goods and services, and the transfer of assets and products,' Hui said last week during an interview with the Post. 'I would try to cast our sights even further: it is about Hong Kong [as] a value creator [and] a solution provider for some real economic issues and challenges in the region and across the world.'
This was the first time that Hui, an Oxford-educated economist before he entered public service in 1999, laid out the government's strategy across the entire spectrum of digital assets, from cryptocurrencies to
stablecoins to
central bank digital currencies
Based on the principle that similar rules should apply to similar risks, his bureau has formulated regulations for four 'blocks' of digital assets: exchanges, stablecoin issuers, dealing service providers and custodians. The latter two are now part of the legislative proposals in consultation, which is expected to close at the end of next month to address investors' needs for sourcing liquidity, block trading and asset safekeeping.
A currency exchange in Causeway Bay with a bank vault painted on its gate on May 5, 2024. Photo: Jelly Tse.
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