Hong Kong has presented its Chief Govt’s 2024 Policy Cope with which now not easiest mentioned a preference of digital belongings but additionally measures in direction of strengthening its digital asset items.
The reliable voice study, “The Authorities will continue to promote modern financial products and companies equivalent to central financial institution digital forex, cell payment, digital banking, digital insurance and digital asset trading. The Treasury Bureau will self-discipline a protection voice to elaborate on the protection stance and map on the application of synthetic intelligence in the financial market.”
The HK authorities would possibly perhaps even take up diversified measures on this direction, one amongst which contains advancing rotten-border payment solutions utilizing CBDCs. The Hong Kong Monetary Authority (HKMA) is claimed to be actively making an try out and exploring extra technical solutions and scenarios for rotten-border replace settlements by job of the “Multi-Central Bank Digital Currency Spoiled-Border Network” (mBridge), and extending participation from public and deepest establishments.
HK is also working in direction of enhancing the laws of digital asset transactions -The Treasury Bureau will entire its 2d round of consultations on over-the-counter digital asset transactions and propose a licensing framework for digital asset custody provider suppliers.
The authorities would possibly perhaps even take up measures to reduction the tokenization of accurate-world belongings and form bigger the digital forex ecosystem. The HKMA is advancing the “Ensemble” financial market infrastructure project to search out tokenization of accurate-world belongings and utilizing digital currencies for interbank settlements. Moreover, the HKMA is allowing doable issuers to test their replace items in the “Stablecoin Issuer Sandbox” and, alongside the Treasury Bureau, plans to post laws this year to reduction a watch on fiat stablecoin issuer.
Lastly, measures for selling the digital securities market will be taken up. The HKMA will introduce the “Digital Bond Subsidy Plan” to incentivize financial establishments and issuers to undertake tokenization expertise in capital market transactions.
