Hong Kong Treasury Department: There are more than 300 Web3-related companies in Hong Kong

On Tuesday, Hong Kong's Deputy Secretary for Financial Services and the Treasury, Chan Ho-lim, discussed the latest developments of Web3 and AI with about 10 representatives from the Web 3 and artificial intelligence (AI) industry, and shared the opportunities and challenges brought to the development of the financial services industry. Chan Ho-lim said that Hong Kong currently has nearly 300 Web3-related companies and 3 virtual asset trading platforms licensed by the Hong Kong Securities and Futures Commission, and it is estimated that more virtual asset trading platforms will be licensed this year. He mentioned that in order to promote the development of the virtual asset industry, the Treasury Bureau will submit a draft bill to the Legislative Council this year to regulate issuers of fiat stablecoins to address the risks of money laundering and terrorist financing, protect investors, and promote the healthy and orderly development of the market. In addition, next year, a second round of public consultation will be conducted on the regulation of over-the-counter transactions of virtual assets, and a proposed licensing system for regulating virtual asset custody service providers will be proposed. (East Net)