Crypto Statement from Hong Kong Finance Minister: ‘We Will Do This To Support Web3!’

Hong Kong Minister of Financial Services and Finance Xu Zhengyutoday offered updates on the latest developments and measures in fintech and other innovative financial services, including the advancement of virtual asset regulation.

Hong Kong Teams Up To Support Web3

In his Xu Zhengyu Report, he highlighted Hong Kong’s proactive approach to adopting emerging technologies and promoting responsible development in the Web3 industry.

The Hong Kong Finance Minister announced the establishment of a task force to take advantage of the opportunities presented by the development of Web3 technologies.

This task force will play an important role in advising on strategies and policies that will foster sustainable and responsible growth of the Web3 industry in Hong Kong.

By bringing together experts and industry stakeholders, the task force aims to tap into the potential of Web3 and facilitate its integration into Hong Kong’s financial ecosystem.

Aware of the importance of stablecoins in the digital asset world, the Hong Kong Monetary Authority is actively working on a regulatory framework specifically designed for stablecoins.

Stablecoins are cryptocurrencies designed to provide stable value by being pegged to traditional fiat currencies or other assets.

The regulatory framework prepared by the Hong Kong Monetary Authority aims to ensure the integrity, transparency and robustness of stablecoin transactions within Hong Kong’s financial system.

In summary, Hong Kong positions itself as an active hub for fintech and innovative financial services.

The establishment of a task force to promote the sustainable development of the Web3 industry and ongoing efforts to prepare a regulatory framework for stablecoins demonstrate Hong Kong’s commitment to adopting new technologies while maintaining regulatory oversight.

*Not investment advice.