HK to outline ambition to become top virtual asset hub: Paul Chan

Hong Kong wants to become an international center for virtual assets as the city seeks to bolster its status as a global financial hub following the disruptions caused by the pandemic.

The government will announce its framework for developing virtual assets, such as cryptocurrencies and non-fungible tokens, during Hong Kong’s Fintech Week from Oct. 31 to Nov. 4, Financial Secretary Paul Chan said in a blog post on Sunday. 

Chan said the policies would include a regulatory system and trial programs for the assets.

Fintech Week has attracted participants from more than 500 organizations and over 200 speakers from China and abroad.

Hong Kong has lost its crown as Asia’s top financial center to long-time rival Singapore, after years of political turmoil and Covid-19 restrictions caused the economy to slow and talent to flee.

Last month, the city scrapped its hotel quarantine requirements for visitors arriving via the airport. It is also considering a package of policies, including easing property taxes and visa restrictions to attract workers from mainland China and overseas. 

(Bloomberg)