Xu Zhengyu emphasized at the Legislative Council meeting the legislative process of Hong Kong's virtual asset industry

On November 14th, the Secretary for Financial Services and the Treasury of Hong Kong, Patrick Hui, delivered a speech at the Legislative Council meeting on the second session of the motion of thanks for the Chief Executive's 2024 Policy Address. He stated that in promoting artificial intelligence, we issued a policy statement at the just held Hong Kong Fintech Week 2024, elaborating on our policy stance and guidelines for the responsible application of artificial intelligence in the financial market. We will submit a bill to the Legislative Council this year to regulate issuers of fiat stablecoins for the sustainable development of virtual assets. We are also adjusting our proposals for regulating off exchange trading services for virtual assets, with the goal of completing the second round of public consultation next year and submitting a proposed licensing system for regulating virtual asset custody service providers.