TechFlow news, November 19 — According to the 21st Century Business Herald, Hong Kong's Financial Secretary Paul Chan stated, "We are actively attracting family offices to establish bases in Hong Kong and continuously improving our tax exemption policies. Next year, we will submit a bill to the Legislative Council aiming to expand the current scope of tax exemptions from family offices and funds to include emerging product categories such as private credit, carbon credits, and digital assets."
He also said, "Our goal in developing fintech is very clear: it is not technology for technology's sake, but rather to enhance economic efficiency and serve the real economy through technological applications. Asset tokenization is an excellent example. We are exploring ways to tokenize stable cash flows like international shipping rents and place them on blockchain platforms for investor subscription. This model can not only create new investment products but also leverage blockchain technology to ensure asset traceability.
Regarding stablecoins, the relevant legislation has already been passed, and we are now reviewing license applications with the aim of issuing licenses starting next year. However, we must be clear that stablecoins are not tools for speculation, but are intended to address pain points in the real economy, especially in cross-border payments. Therefore, the number of initial licenses issued will be very limited, and regulation will be highly cautious."
