Hong Kong Securities Regulatory Commission Endorses Measures to Strengthen Hong Kong’s Position as a Global Financial Center
It is reported that the Hong Kong Securities Regulatory Commission welcomes the various measures proposed by the Financial Secretary, Mr. Chen Maobo, in the 20…
It is reported that the Hong Kong Securities Regulatory Commission welcomes the various measures proposed by the Financial Secretary, Mr. Chen Maobo, in the 2023-2024 government budget to further consolidate Hong Kong’s status as an international financial center. Mr. Lei Tianliang, chairman of the SFC, said that the proposed measures to develop Hong Kong into an international green technology and financial center would lead to sustainable and high-quality growth through technological innovation. The SFC also supports the proposal to promote the development of Hong Kong’s digital economy and establish a task force on the development of virtual assets. In this regard, the CSRC recently launched public consultation on the proposed regulatory provisions applicable to the virtual asset trading platform. These provisions are designed to ensure that investors can be fully protected by a series of appropriate safeguards.
Hong Kong Securities Regulatory Commission: support the proposal on promoting the development of Hong Kong’s digital economy and establishing a task force on the development of virtual assets
Interpretation of the news:
The Hong Kong Securities Regulatory Commission has expressed its support for the various measures proposed by the Financial Secretary in the 2023-2024 government budget to enhance Hong Kong’s status as an international financial center. The chairman of the SFC, Mr. Lei Tianliang, welcomed the proposal to develop Hong Kong into a green technology and financial center, stating that it would promote sustainable and high-quality growth through technological innovation.
The SFC also commended the initiative to promote Hong Kong’s digital economy and establish a task force for the development of virtual assets. In response to the proposal, the CSRC launched a public consultation on the proposed regulatory provisions applicable to virtual asset trading platforms. These provisions aim to ensure that investors are fully protected by appropriate safeguards.
The endorsement by the Hong Kong Securities Regulatory Commission represents a significant step towards consolidating Hong Kong’s position as a global financial center. As financial markets continue to evolve rapidly, it is vital for Hong Kong to remain competitive by embracing emerging technologies such as green technology and virtual assets. Therefore, the government’s commitment to promoting sustainable growth through technological innovation is an essential ingredient for ensuring the future success of Hong Kong’s financial sector.
The endorsement of the measures also signifies a shift towards a regulatory framework that is more readily adapted to new technologies. With the increased use of virtual assets, it is necessary to establish regulatory provisions that protect investors without stifling innovation. In this regard, the SFC’s support for the task force dedicated to the development of virtual assets is a positive step towards creating a regulatory environment that fosters innovation while safeguarding investors.
In conclusion, the Hong Kong Securities Regulatory Commission’s endorsement of the various measures proposed by the Financial Secretary underscores the commitment of the Hong Kong government and regulators to maintain the city’s position as a leading financial hub. The support for sustainable growth through technological innovation and the development of virtual assets highlights the importance of adapting to changing market conditions and staying ahead of the curve in a rapidly evolving financial landscape.
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