Hong Kong Financial Secretary: Embracing the development of digital assets, Hong Kong will become the world's first cross-border asset management center within 2-3 years

PANews reported on June 21 that according to a Hong Kong government press release, Hong Kong Financial Secretary Paul Chan Mo-po said today at an event that as of the end of March this year, the number of registered funds in Hong Kong reached 976, with an annual net inflow of more than US$44 billion, an increase of 285%. Family offices are expected to increase from 2,700 to 3,000 soon, and Hong Kong will become the world's number one cross-border asset management center within two to three years.

In terms of financial innovation, the market has recently shown great interest in digital assets, especially the issuance of stablecoins, which has aroused heated discussions. The legislation of stablecoins has made Hong Kong one of the first jurisdictions in the world to establish a statutory regulatory framework for stablecoins. We embrace the development of digital assets and have accelerated the improvement of relevant legal and regulatory frameworks in recent years, such as the licensing system for virtual asset trading platforms. We have issued 10 licenses and are reviewing another eight applications.