Hong Kong Financial Secretary Paul Chan Mo-po stated in an online article that Hong Kong will become the world's largest cross-border asset management center in the next two to three years.
On Sunday (June 15), Chan wrote in his blog that since the beginning of this year, the flow of global funds has confirmed that international investors' confidence in Hong Kong's financial market is further strengthening. As of the end of March this year, the number of registered funds in Hong Kong reached 976, recording a net inflow of more than 44 billion USD (approximately 56.4 billion SGD) annually, an increase of 285%. He believes that within two to three years, Hong Kong will become the largest cross-border asset management center in the world.
Chan introduced that since the Hong Kong government released the first policy statement on the development of the digital asset market at the end of 2022, the related market in Hong Kong has noticeably accelerated. To date, 10 virtual asset trading platforms have been licensed, and the Securities and Futures Commission is processing licenses for another eight applications.
He pointed out that in response to the latest developments and changes in circumstances, the Hong Kong government will publish its second policy statement on the development of digital assets, outlining the next steps, policy vision, and direction. Specific measures include better integration of the advantages of traditional financial services with technological innovations in the digital asset field, improving the safety and flexibility of digital assets in real economic activities, and encouraging Hong Kong and international enterprises to explore innovation and application of digital asset technology.
Speaking about stablecoins, Chan said that the Hong Kong Legislative Council has passed the "Stablecoin Ordinance," which will take effect on August 1, establishing a licensing regime for fiat-backed stablecoin issuers. After the ordinance comes into effect, the Hong Kong Monetary Authority will process the received license applications as soon as possible, allowing qualified applicants to start their business and bring new opportunities for Hong Kong's real economy and financial services.
He noted that it is estimated that the total market value of stablecoins globally is about 240 billion USD, while last year's global stablecoin transaction volume exceeded 20 trillion USD. With the booming development of the digital asset market, the demand for stablecoins is expected to further increase.
On Sunday (June 15), Chan wrote in his blog that since the beginning of this year, the flow of global funds has confirmed that international investors' confidence in Hong Kong's financial market is further strengthening. As of the end of March this year, the number of registered funds in Hong Kong reached 976, recording a net inflow of more than 44 billion USD (approximately 56.4 billion SGD) annually, an increase of 285%. He believes that within two to three years, Hong Kong will become the largest cross-border asset management center in the world.
Chan introduced that since the Hong Kong government released the first policy statement on the development of the digital asset market at the end of 2022, the related market in Hong Kong has noticeably accelerated. To date, 10 virtual asset trading platforms have been licensed, and the Securities and Futures Commission is processing licenses for another eight applications.
He pointed out that in response to the latest developments and changes in circumstances, the Hong Kong government will publish its second policy statement on the development of digital assets, outlining the next steps, policy vision, and direction. Specific measures include better integration of the advantages of traditional financial services with technological innovations in the digital asset field, improving the safety and flexibility of digital assets in real economic activities, and encouraging Hong Kong and international enterprises to explore innovation and application of digital asset technology.
Speaking about stablecoins, Chan said that the Hong Kong Legislative Council has passed the "Stablecoin Ordinance," which will take effect on August 1, establishing a licensing regime for fiat-backed stablecoin issuers. After the ordinance comes into effect, the Hong Kong Monetary Authority will process the received license applications as soon as possible, allowing qualified applicants to start their business and bring new opportunities for Hong Kong's real economy and financial services.
He noted that it is estimated that the total market value of stablecoins globally is about 240 billion USD, while last year's global stablecoin transaction volume exceeded 20 trillion USD. With the booming development of the digital asset market, the demand for stablecoins is expected to further increase.