ChainCatcher news, Hong Kong Treasury Secretary Hui Ching-yu said at the 8th Hong Kong Fintech Week Main Forum in Hong Kong that the government continues to encourage Web3 innovation, and the recent crackdown on JPEX has not undermined its determination.

Xu Zhengyu said that the China Securities Regulatory Commission will soon issue a notice on the tokenization of intermediaries engaged in tokenized securities-related activities and investment products recognized by the China Securities Regulatory Commission.

It said another area of ​​focus for the regulator is exploring how to expand its remit to cover the purchase and sale of virtual assets beyond transactions that occur on virtual asset trading platforms.

Meanwhile, the Hong Kong Monetary Authority and the Financial Services and the Treasury Bureau will soon issue another joint consultation on the regulatory regime for stablecoin issuers.