Hong Kong to Launch Integrated Fundraising Platform and Support Cross-Border Digital Yuan Usage

According to Foresight News, during the 8th Hong Kong Fintech Week main forum, jointly organized by the Government of the Hong Kong Special Administrative Region of the People's Republic of China, InvestHK, and FintechHK, Christopher Hui, Secretary for Financial Services and the Treasury, announced plans to launch a new Integrated Fundraising Platform (IFP) and support cross-border digital yuan usage in Hong Kong.Following the 2023 Fintech Week, the Hong Kong government will explore real-world applications and innovations, further develop and improve the regulatory framework. In terms of real-world applications and innovations, they will encourage the exploration of Web3.0 and promote real-world economic innovation, such as reducing costs, improving efficiency, and serving market financial and investment needs. This includes tokenization of real-world assets related to art and IP, tokenization of financial assets for efficient settlement, and the use of distributed ledger technology for traceable incentives for renewable energy.Regarding regulation, Hui stated that the Securities and Futures Commission (SFC) will issue notices on intermediaries engaging in securities-related activities and SFC-approved investment product tokenization; expand the regulatory scope to cover virtual asset transactions outside of virtual asset trading platforms; the Financial Stability Committee and the Hong Kong Monetary Authority will issue joint consultations on the regulatory regime for stablecoin issuers; and the Hong Kong Monetary Authority will continue to seek industry opinions on guidelines for banks providing digital asset custody services.