TechFlow reported on December 11, according to Oriental Daily News, that Hong Kong's Financial Secretary for Financial Services and the Treasury, Eddie Chan, revealed Hong Kong currently hosts over 300 Web3-related companies. Three virtual asset trading platforms have already obtained licenses from the Securities and Futures Commission (SFC), with more expected to be approved by year-end.
To promote industry development, Hong Kong will introduce the "Stablecoin Bill" for first reading on December 18, regulating issuers of fiat-backed stablecoins. Additionally, in 2025, a second round of public consultation will be conducted on the regulation of over-the-counter virtual asset trading, along with proposed licensing regime recommendations for virtual asset custodian service providers.
