Xu Zhengyu: Hong Kong will continue to promote the application of tokenization technology in the capital market

Hong Kong Financial Services and Treasury Secretary Paul Hui said in a speech at the Legislative Council that a draft bill will be submitted to the Legislative Council this year to regulate the issuers of fiat stablecoins. In terms of the application of artificial intelligence in the financial market, a policy declaration was issued last month to clarify the government's policy stance and guidelines to promote the responsible application of artificial intelligence in the financial services industry and accelerate the cultivation of new quality productivity in accordance with local conditions. In addition, it will continue to promote the wider application of tokenization technology in the capital market in different directions, optimize various aspects of the mBridge project platform and further expand the participation of public and private institutions, and continue to formulate and improve the development of systems and industry standards related to the tokenization market through the Ensemble project. (Hong Kong Government News Release)