Christopher Hui: Hong Kong Currently Has About 1,100 Fintech Companies, Will Launch Consultation on Licensing Regime for Virtual Asset OTC and Custody Services Within the Year

According to a report by Jinse Finance, Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, stated at the Vancouver Network Summit in Vancouver, Canada, that Hong Kong currently has about 1,100 fintech companies and startups, including 10 licensed virtual asset trading platforms, eight digital banks, and four virtual insurance companies. Hong Kong will support the healthy, responsible, and sustainable development of the stablecoin and digital asset ecosystem and aims to fully implement the licensing system within this year to issue the first batch of licenses as soon as possible. Additionally, Hong Kong is about to release the second policy declaration on the development of virtual assets, exploring the integration of traditional finance and virtual assets, and will consult on the licensing system for virtual asset over-the-counter trading services and custody services within the year.