PANews December 11 news, according to East Net reports, the Deputy Secretary for Financial Services and the Treasury, Chen Haolian, met with about 10 representatives from the Web 3 and artificial intelligence (AI) industries on Tuesday to discuss the latest developments in Web 3 and AI, sharing the opportunities and challenges brought to the financial services industry. Chen Haolian pointed out that currently, Hong Kong has nearly 300 Web3-related companies, and 3 virtual asset trading platforms that are licensed by the Hong Kong Securities and Futures Commission, estimating that a few more virtual asset trading platforms will obtain licenses within this year.
He mentioned that in order to promote the development of the virtual asset industry, the Financial Services and the Treasury Bureau will submit a draft regulation to the Legislative Council this year to regulate the issuance of fiat-backed stablecoins, in response to the risks of money laundering and terrorist financing, to protect investors, and to promote the healthy and orderly development of the market. Additionally, there will be a second round of public consultation next year regarding the regulation of over-the-counter trading of virtual assets, and a proposed licensing system for virtual asset custodian service providers.