'Govt's digital assets policy to build public trust'
Christopher Hui said digital assets are an inevitable trend and that Hong Kong must prepare in advance to maintain its position as an international financial centre. File photo: RTHK
Secretary for Financial Services and the Treasury Christopher Hui says an updated government policy statement on the development of digital assets is designed to engender greater trust in such products, and encourage more participation.
Authorities on Thursday issued the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong, setting out the government's vision of building a safe and innovative digital asset ecosystem that brings concrete solutions to both the real economy and financial markets.
Hui told a TVB programme on Sunday that the update builds upon the foundational measures established in the initial policy statement released in October 2022.
"Looking at many foreign markets, sometimes there is regulation but no market, which is something we hope to avoid through our comprehensive efforts," he said.
Hui said the latest policy introduces the 'Leap' framework – covering legal compliance, expanding tokenised product suites, advancing use cases and collaboration, as well as people and partnership development.
He said both the public and private sector have a role to play in coming up with new products.
"The government took the lead in issuing around HK$6 billion to HK$7 billion in tokenised bonds, which we will be regularising.
"On the market side, we are of course hoping for a greater variety of products. For instance, we mentioned in our statement that we would waive stamp duties for transactions involving tokenised exchange-traded funds."
Hui also noted that, to dovetail with the updated statement, Cyberport has launched a new funding scheme for blockchain and digital assets that offers up to HK$500,000 in subsidies for start-ups running innovative pilot projects.
The minister also spoke about the implementation of a new licensing regime for stablecoins – a virtual asset – in August.
Hui said stablecoins should be seen as a tool for financial development, and not a vehicle for making money.
"In our daily financial market operations, transactions typically occur through various intermediaries or institutions for payments and capital flows," he noted.
"The operation of blockchain and stablecoins can significantly enhance the efficiency and the speed of these transactions, and in turn make related economic activities in the real economy more efficient.
"I believe that finance exists not for its own sake but to serve the real economy."
Hui added that the development of digital assets is an inevitable trend and Hong Kong must be well prepared in order to maintain its position as an international financial centre.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
HKFP
10 hours ago
- HKFP
Australia grants asylum to ‘wanted' Hong Kong democrat Ted Hui
Former pro-democracy Hong Kong lawmaker Ted Hui who is wanted by the Chinese city has been granted asylum in Australia, he said in a social media post, calling on Canberra to do more for those who remain jailed. The former British colony — handed back to China in 1997 — has seen dissent quashed since Beijing imposed a sweeping national security law following huge and at times violent democracy protests that erupted in 2019. Hui, a high-profile participant at the time who has since resettled in Adelaide, said the Australian government had granted him a protection visa this week, with asylum also extending to his wife, children and parents. 'I express my sincere gratitude to the Government of Australia — both present and former — for recognising our need for asylum and granting us this protection,' he said in a Facebook post on Saturday. A vocal critic of Hong Kong and Beijing authorities, Hui is among several overseas activists targeted in 2023 by police bounties of HK$1 million each. The bounties, which have previously drawn strong criticism from Western countries, are seen as largely symbolic given that they affect people living abroad in nations unlikely to extradite political activists to Hong Kong or China. In this Facebook post, Hui urged the Australian government not to forget other Hong Kong activists who remained jailed, including tycoon Jimmy Lai, who has been behind bars since 2020. 'Australia must do more to rescue them and to speak up for their humanity,' Hui said. 'Its stance matters internationally, and its protection of Hongkongers sets a precedent for other democracies.' He added that he and his family will 'give back to Australia in every way we can — through our work, our civic engagement, and our commitment to the values of democracy and freedom'. While Hong Kong's government did not comment directly on Hui's case, a spokesperson said Saturday those who absconded should not think they could evade 'criminal liability'. 'Any country that harbours Hong Kong criminals in any form shows contempt for the rule of law, grossly disrespects Hong Kong's legal systems and barbarically interferes in the affairs of Hong Kong,' the spokesperson said. Australian Foreign Minister Penny Wong has previously objected Hong Kong's arrest warrants and bounties. 'Freedom of expression and assembly are essential to our democracy,' she said last month on social media. 'We have consistently expressed our strong objections to China and Hong Kong on the broad and extraterritorial application of Hong Kong's national security legislation, and we will continue to do so.'
RTHK
a day ago
- RTHK
Govt turns screws on water supplier to its offices
Govt turns screws on water supplier to its offices The Government Logistics Department says it is 'not satisfied that XDX would still be capable of performing the contract' of supplying government offices on Hong Kong Island and parts of the outlying islands. File photo: RTHK The Government Logistics Department on Saturday "partially terminated" a contract for the supply of bottled drinking water to government offices on Hong Kong Island and parts of the outlying islands. The contract with Xin Ding Xin (XDX) Trade, which started in June, was originally due to expire three years later. In a statement, the department said it had earlier conducted a test of bottled drinking water samples in government offices, which confirmed that the bottled drinking water from all suppliers complied with the safety standards for bottled drinking water. But it also said it was "not satisfied that XDX would still be capable of performing the contract" upon receiving information about the company's business operation and will therefore "follow up seriously and take action including whether to terminate the contract". From next week, bottled water in the area will be supplied by AS Watson Group that provides water branded as "Cool", which the company currently supplies to government offices in Kowloon. The department added that it has referred the case to police for investigation. The department conducted an open tender in March this year to select suitable suppliers of bottled drinking water for government departments. Professional Trade International won the tender to supply drinking water to the New Territories and part of Lantau.
RTHK
2 days ago
- RTHK
Top talent visa doesn't guarantee PR status: Sun
Top talent visa doesn't guarantee PR status: Sun Chris Sun emphasised the critical importance of attracting top talent to counter the SAR's declining labour force and shrinking young population. File photo: RTHK Secretary for Labour and Welfare Chris Sun stressed that obtaining a visa under the Top Talent Pass Scheme (TTPS) does not automatically grant permanent residency. Speaking after a radio programme on Saturday, he said those admitted under the scheme must have their talent scheme visas renewed twice and demonstrate stable employment or business operations within Hong Kong to qualify for permanent resident status. Sun's comments addressed concerns raised by Leung Chun-ying regarding resource sharing, with the former SAR chief executive expressing apprehension that some mainlanders might be using talent schemes primarily to gain Hong Kong residency and access associated benefits. Sun emphasised the critical importance of attracting top talent to counter the SAR's declining labour force and shrinking young population, saying that they provide significant impetus to the city's economy. The labour chief said talent and their children who come to Hong Kong in accordance with the law should be welcomed as part of the community, adding that all systems and social services must operate in an orderly manner, ensuring fairness for both locals and newcomers. "We are making full use of the whole spectrum of talent admission schemes available to us, including the schemes targeting those [who] already had a job offer before arriving in Hong Kong," he said. "And also, for talents under the TTPS, where we only require them to prove either they are high-earners, or graduates from one of the top 100 universities in the world. "We are encouraged by the visa renewal outcome of the TTPS. We are going to further step up our promotion, so that we are going to attract more talents to Hong Kong to help us grow our economy." Sun also expressed deep concern over an industrial accident that occurred on Friday, in which a 20-year-old MTR worker died after being pinned against the wall by an engineering vehicle that rolled backwards at the company's Siu Ho Wan depot on Lantau. Sun confirmed that the Labour Department has issued a suspension notice related to the incident. He said the authorities would conduct a strict investigation according to relevant regulations and that any legal violations uncovered would be pursued.
