HK has growth potential in digital finance: FS
Paul Chan said a policy statement for digital asset development will be issued soon. File photo: RTHK
Financial Secretary Paul Chan said on Sunday that digital finance is among the areas Hong Kong can develop in the long run, adding that the government will issue its second policy statement on digital asset development by the end of the month.
Chan said the statement is needed in light of "the latest developments and a change in situations".
The minister said officials will announce the government's vision and policy directions on how they will help combine digital asset innovations with traditional financial services.
Writing on his weekly blog, Chan said the policy statement will also touch on raising the flexibility and safety of digital assets in real economic activities.
He noted that in August, the SAR will implement a licensing regime for stablecoins, which are virtual assets meant to maintain a stable value relative to assets such as actual currencies.
The secretary said many market participants are interested in this and the Monetary Authority will handle licence applications as quickly as possible.
"It is estimated that the total market value of global stablecoins is about US$240 billion, and the global stablecoin trading volume exceeded US$20 trillion last year," Chan said.
"With the booming development of the digital asset market, the market demand for stablecoins is expected to increase further."
Chan went on to say that while the global equity market has faced a lot of uncertainties so far this year, Hong Kong stood out being as the local bourse was robust and rose by around 20 percent.
He said there have been funds from places such as the US, Europe and the Middle East flowing into the Hong Kong market, for initial public offerings as well as refinancing.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RTHK
2 hours ago
- RTHK
HK stocks end down as Shanghai edges up to a high
HK stocks end down as Shanghai edges up to a high The Hang Seng Index closes below 24,000 on Friday. File photo: RTHK Mainland stocks edged higher on Friday, with the benchmark Shanghai index ending at a nine-month high on fresh signs of easing Sino-US trade tensions, while Hong Kong shares slipped. The benchmark Hang Seng Index ended the day at 23,916.06, down 153.88 points or 0.64 percent while the Hang Seng China Enterprises index fell 0.45 percent to 8,609.27. On the mainland, the benchmark Shanghai Composite Index ended up 0.32 percent at 3,472.32, the highest closing since October 8, while the Shenzhen Component Index closed 0.25 percent lower at 10,508.76. The combined turnover of these two indices stood at 1.43 trillion yuan, up from 1.31 trillion yuan on the previous trading day. Shares in the gaming, banking and power sectors led the gains, while those related to solid-state battery, beauty care and non-ferrous metals suffered the most. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.36 percent to close at 2,156.23. The banking sector was among the top gainers, with a sub-index tracking the industry closing 1.86 percent higher at a record high. The sub-index gained 3.81 percent for the week. The steel sector also outperformed after China's top leaders pledged to tighten oversight of aggressive price-cutting by domestic firms, as the economy grapples with persistent deflationary pressures. The CSI steel sub-index gained 0.58 percent. "It could be a prelude to potential supply side reform 2.0, in our view," Citi analysts said. "We see the prolonged producer price index deflation and profitability concerns as the motives this time. Steady growth so far this year has also opened room for such an initiative." Citi identified sectors where reform is most urgently needed: ferrous-metal processing (mostly steel), fuel processing, chemicals, non-mineral products (including cement, glass) and metal products. The mainland gains came as the United States told GE Aerospace it can restart jet engine shipments to China's Comac, a source said. The United States has also lifted restrictions on exports to China for chip design software developers and ethane producers. Meanwhile, China is reviewing and approving export licences for controlled items and has been informed by the United States about cancellations of "restrictive measures" against Beijing, the Commerce Ministry in Beijing said. (Reuters/Xinhua)
RTHK
3 hours ago
- RTHK
HK stocks end down as Shanghai edges up to a high
HK stocks end down as Shanghai edges up to a high The Hang Seng Index closes below 24,000 on Friday. File photo: RTHK Mainland stocks edged higher on Friday, with the benchmark Shanghai index ending at a nine-month high on fresh signs of easing Sino-US trade tensions, while Hong Kong shares slipped. The benchmark Hang Seng Index ended the day at 23,916.06, down 153.88 points or 0.64 percent while the Hang Seng China Enterprises index fell 0.45 percent to 8,609.27. On the mainland, the benchmark Shanghai Composite Index ended up 0.32 percent at 3,472.32, the highest closing since October 8, while the Shenzhen Component Index closed 0.25 percent lower at 10,508.76. The combined turnover of these two indices stood at 1.43 trillion yuan, up from 1.31 trillion yuan on the previous trading day. Shares in the gaming, banking and power sectors led the gains, while those related to solid-state battery, beauty care and non-ferrous metals suffered the most. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.36 percent to close at 2,156.23. The banking sector was among the top gainers, with a sub-index tracking the industry closing 1.86 percent higher at a record high. The sub-index gained 3.81 percent for the week. The steel sector also outperformed after China's top leaders pledged to tighten oversight of aggressive price-cutting by domestic firms, as the economy grapples with persistent deflationary pressures. The CSI steel sub-index gained 0.58 percent. "It could be a prelude to potential supply side reform 2.0, in our view," Citi analysts said. "We see the prolonged producer price index deflation and profitability concerns as the motives this time. Steady growth so far this year has also opened room for such an initiative." Citi identified sectors where reform is most urgently needed: ferrous-metal processing (mostly steel), fuel processing, chemicals, non-mineral products (including cement, glass) and metal products. The mainland gains came as the United States told GE Aerospace it can restart jet engine shipments to China's Comac, a source said. The United States has also lifted restrictions on exports to China for chip design software developers and ethane producers. Meanwhile, China is reviewing and approving export licences for controlled items and has been informed by the United States about cancellations of "restrictive measures" against Beijing, the Commerce Ministry in Beijing said. (Reuters/Xinhua)
RTHK
5 hours ago
- RTHK
US urged to get back on right path as curbs are lifted
US urged to get back on right path as curbs are lifted The Commerce Ministry said it is reviewing applications for export licences for eligible controlled items. File photo: Xinhua The Ministry of Commerce in Beijing said on Friday, in response to moves by the United States to lift a series of economic and trade restrictions on China, that dialogue and cooperation are the right path forward. A spokesperson for the ministry made the remarks in response to a media query about recent reports that certain Chinese companies have received notices from the US Department of Commerce regarding the resumption of exports to China of products such as electronic design automation software, ethane and aircraft engines. The spokesperson confirmed that following the recent China-US economic and trade talks in London, both sides had finalised implementation details to carry out the important consensus reached by the two heads of state during their phone talks on June 5, and to consolidate the outcomes of the economic and trade talks in Geneva. As part of this process, China is reviewing applications for export licences for eligible controlled items in accordance with laws and regulations, while the United States has taken corresponding steps to remove certain restrictive measures and has informed the Chinese side, the spokesperson said. Describing the framework reached during the economic and trade talks in London as "hard-won," the spokesperson stressed that dialogue and cooperation are the right path forward, while threats and coercion "lead nowhere". The United States was urged to fully recognise the mutually beneficial nature of China-US economic and trade ties, continue to meet China halfway, and further correct its erroneous practices to jointly implement the important consensus reached by the two heads of state and jointly promote the steady and long-term development of bilateral economic and trade relations. (Xinhua)
