Financial Secretary Paul Chan Mo-po announced the 2025-26 Budget today (Feb. 26). He said that Hong Kong is actively advancing its virtual asset ecosystem, aiming to maintain a leading global position through a dual focus on regulation and market development.
He pointed out that "Consensus", an annual flagship event of the sector, was successfully held in HK recently, bringing together a few thousands of industry elites and companies from across the world in virtual assets, blockchain, Web3 and fintech, etc. This is a manifestation of global confidence in HK's vibrant development in this area. During the event, the Securities and Futures Commission also announced a roadmap on the virtual asset market.
He further stressed that the Government will soon promulgate a second policy statement on the development of virtual assets to explore how to leverage the advantages of traditional financial services and innovative technologies in the area of virtual assets, enhance security and flexibility of real economy activities, and encourage local and international companies to explore the innovation and application of virtual asset technologies.
Additionally, the Government will also conduct consultation on the licensing regimes of virtual asset over-the-counter trading services and custodian services this year.
"We have introduced into LegCo a bill to put in place a regulatory regime for issuers of fiat-referenced stablecoins. Upon the passage of the Bill, the HKMA (Hong Kong Monetary Authority) will expedite the vetting of license applications," he said.
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