Paul Chan, the Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) government, delivered a speech at an event during the World Economic Forum Annual Meeting. In his address, he highlighted that Hong Kong, recognized as a premier international financial hub, is making proactive yet cautious strides in fostering the growth of the digital asset industry. Since the onset of 2023, Hong Kong has already granted licenses to 11 virtual asset trading platforms. Moreover, there are strong indications that the issuance of stablecoin licenses will commence later in the current year.

In addition to these developments, the HKSAR government has been a staunch advocate for financial technology innovation. This commitment is evident through its issuance of three tranches of tokenized green bonds, with a cumulative value nearing US$2.1 billion. Furthermore, the government has introduced a regulatory sandbox mechanism, designed to facilitate the safe and controlled testing of innovative financial products and services.