Hong Kong to Submit Four Types of Virtual Asset Service Provider Regulatory Proposals This Year

At the Global Blockchain Summit, Hong Kong Legislative Council member Kenneth Lau stated that by 2026, Hong Kong will submit a regulatory proposal to the Legislative Council regarding four roles: virtual asset trading service providers, custodial service providers, advisory service providers, and management service providers. Lau mentioned that Hong Kong's first five-year plan involves areas such as stablecoins, central bank digital currencies, tokenization, and blockchain applications, showing a trend of compliant innovation and orderly development in the digital asset industry legislation. The Hong Kong Monetary Authority's FinTech 2030 strategy also aims to promote financial tokenization, including demonstrating RWA tokenization and advancing tokenized deposits and digital asset settlement use cases. Lau emphasized that the development of Hong Kong's Web3 finance requires the collaboration of participants, legislation, and products, particularly in attracting stablecoin users, designing payment scenarios, and utilizing RWA to facilitate inefficient asset transactions. Additionally, Hong Kong is promoting cooperation with the mainland in the field of blockchain technology, including data interconnectivity and the internationalization of the Renminbi.

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