Hong Kong Government Spokesperson: Hong Kong creates stable and favorable conditions for the development of virtual assets and promotes the sustainable development of the Web3 ecosystem

The China (Shenzhen) Academy of Comprehensive Development Research today jointly released the 36th Global Financial Center Index report. Hong Kong's overall ranking is third in the world, up one place from March this year, and ranks first in the Asia-Pacific region. A spokesman for the Hong Kong government said that Hong Kong is actively deepening financial connectivity in the Mainland to further enhance Hong Kong's role in connecting Chinese and foreign capital markets, expand the eligible scope of the Shanghai-Hong Kong Stock Connect exchange-traded funds (ETFs), and promote a series of optimization measures for the swap mechanism arrangements. Hong Kong has also created robust and favorable conditions for the development of virtual assets, and is committed to improving the relevant regulatory framework. It is recommended to establish a licensing system for issuers of fiat stablecoins and virtual asset over-the-counter service providers to promote the sustainable development of Hong Kong's Web3 ecosystem. (Hong Kong Government Gazette)