TechFlow news — On March 3, according to Commercial Radio, Financial Secretary Paul Chan said at a fiscal budget forum that Hong Kong has become one of the first jurisdictions to announce its virtual asset policy, which has been welcomed by the industry as it brings digital assets into an appropriate regulatory framework. He noted that many in the sector view licenses granted by Hong Kong, as an international financial center, as conferring legitimacy and marketing advantages for their operations.
In response to reports that Donald Trump will host a cryptocurrency summit this Friday, with expectations that five cryptocurrencies may be included in the U.S. strategic reserve, Chan emphasized that while virtual assets could pose risks to the financial system, "Hong Kong never fears competition, and competition fosters a healthy business environment."
Chan also pointed out that amid increasingly frequent unilateralism, capital market volatility has intensified, and Hong Kong must ensure financial stability. He stressed that despite fluctuations in capital flows, Hong Kong's financial system remains stable and resilient, and the linked exchange rate system will continue to operate smoothly.
