Hong Kong Advances in Fintech and Virtual Asset Policies

According to PANews, on April 30, Hong Kong's Secretary for Financial Services and the Treasury, Xu Zhengyu, addressed the Legislative Council during the resumed second reading debate on the Appropriation Bill 2025. He highlighted that Hong Kong has climbed five places to rank fourth globally in fintech, as per the latest Global Financial Centres Index report. Xu emphasized a multi-pronged approach to foster the growth of fintech and enhance the competitiveness of Hong Kong's financial services sector to better support the real economy. In the realm of virtual assets, Xu announced the imminent release of a second virtual asset policy declaration, outlining future policy visions and directions. Additionally, consultations on the licensing regime for over-the-counter virtual asset trading and custody services are set to occur within the year. The Stablecoin Bill is scheduled for a resumed second reading debate in the Legislative Council on May 21. Upon the bill's passage, the Hong Kong Monetary Authority will expedite the approval of license applications. These measures aim to continuously improve the framework that balances regulation and market development, further promoting the growth of Hong Kong's virtual asset ecosystem.