Overview of Key Developments
On April 30, during a session of the Legislative Council, Xu Zhengyu, Hong Kong’s Secretary for Financial Services and the Treasury, presented key developments pertaining to the 2025 Appropriation Bill. Notably, he announced that Hong Kong has improved its standing in the global fintech arena, moving up five positions to now occupy the fourth place, as highlighted in the latest Global Financial Centres Index.
Government Strategy for Fintech Growth
Xu elaborated on the government’s strategy to nurture the fintech sector and boost Hong Kong’s financial services industry, which is vital for supporting the broader real economy. Among the significant initiatives discussed, he revealed plans for the upcoming release of a second policy statement on virtual assets, which will provide insights into future regulatory directions and visions.
Public Consultations and Legislative Actions
Furthermore, the administration is gearing up for public consultations regarding a licensing framework for over-the-counter virtual asset trading and custody services, aimed to take place within this year. To complement these efforts, the Stablecoin Bill is set for a resumed reading in the Legislative Council on May 21. Once ratified, the Hong Kong Monetary Authority is prepared to streamline the licensing process for applicants.
Strategic Goals for the Future
These strategic efforts are designed to create a balanced regulatory environment that fosters both market innovation and development, ultimately enhancing the virtual asset landscape in Hong Kong.
