Hong Kong Stock Analysts Association has proposed nine suggestions for the Hong Kong "2024-2025 Budget", including: consolidating Hong Kong's position as an international financial center; developing family offices and a "new capital investor immigration plan"; adjusting the composition of foreign exchange fund investments to support the stock market; assisting China in developing a long-term bond market; broadening the tax base based on the principle of "user pays"; building Hong Kong into an international virtual asset management center; accelerating the development of spot Bitcoin ETFs; speeding up the launch of stablecoins; and proactively developing the "silver economy".
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Hong Kong Equity Analysts Association: Accelerate the development of spot Bitcoin ETF and launch stablecoin
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Hong Kong Legislative Council Member Tam Yue-heng: Accelerate the issuance and trading of stablecoins that match the characteristics of the linked exchange rate system
Tan Yueheng, a member of the National Committee of the Chinese People's Political Consultative Conference and the Legislative Council, published an article entitled "Consolidating the Status of Financial Center and Sharing the Dividend of Deepening Reform". In it, he pointed out that in the field of digital finance, the SAR government must continue to develop digital finance and qualified virtual products, explore new beneficial financial formats, and promote the new productive forces of the financial industry. Hong Kong must promote the participation of financial technology companies in the stable coin sandbox mechanism, accelerate the issuance and trading of stable coins with the characteristics of matching linked exchange rate system, expand the testing scope and landing scenarios of digital RMB as a cross-border payment tool, and focus on developing products that are linked to virtual assets and underlying real assets, transforming art, real estate, equity, and carbon emissions into digital tokens through blockchain technology. -
Hong Kong's financial industry may study launching stablecoin trading desks and institutional custody services
Hong Kong Monetary Authority recently announced the list of participants in the stablecoin issuer sandbox, including JD Coin Chain, Circle Coin Innovation, Standard Chartered Bank, Anni Group, Hong Kong Telecom and other institutions. Research reports released by Zeng Shengjun, a researcher at the Greater Bay Area Financial Research Institute of the Shenzhen Branch of Bank of China, and Guan Zhenqiu, a researcher at the Hong Kong Financial Research Institute of Bank of China, analyzed that the Hong Kong dollar stablecoin can improve the efficiency and inclusiveness of the Hong Kong financial system. Its stability, free convertibility, high security, high open source and cross-border mobility can provide support for a wider range of financial innovations.
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