Chen Haolian: Hong Kong is committed to promoting the sustainable development of various financial services in the entire virtual asset value chain.
2023-08-04 01:33
Odaily News - Deputy Director of Financial Affairs and Treasury Bureau of Hong Kong, Chen Haolian, delivered a keynote speech on "Opportunities and Challenges for Hong Kong in Building an International Virtual Asset Center" at the seminar "Realizing Digital Assets - Exploring Compliance and Future Prospects in Asia" jointly organized by Southern Finance Media Group and HashKey Exchange. Chen Haolian said, "Web3.0 signifies a significant transformation in the development of the internet. It utilizes blockchain technology and has the characteristics of transparency, efficiency, decentralization, and disintermediation. In the field of digital economy and financial technology innovation, Web3.0 plays a crucial role."
Chen Haolian stated that Hong Kong is actively embracing the development of Web3.0 and considers it as an important entry point for financial innovation. For example, "We are committed to promoting the sustainable development of various financial services on the entire value chain of virtual assets, including virtual asset issuance, tokenization, trading and payment platforms, financial and asset management, as well as custody."
Earlier this year, several cryptocurrency exchanges faced crises one after another, causing market shocks. Regarding this, Chen Haolian stated that the Hong Kong Special Administrative Region government has conducted research on these cases and summarized the experience. "We believe that the problem lies in their mismanagement and operation without proper regulation. However, the underlying blockchain technology is the key to the development of virtual assets, and it is a technology that we must embrace." Based on this, Chen Haolian believes that Hong Kong should seize the opportunity to promote the development of Web3.0 in Hong Kong, but it is necessary to ensure investor protection and prevent its exploitation for illicit purposes such as money laundering, without compromising the stability of the financial system.
Chen Haolian stated that Hong Kong is actively embracing the development of Web3.0 and considers it as an important entry point for financial innovation. For example, "We are committed to promoting the sustainable development of various financial services on the entire value chain of virtual assets, including virtual asset issuance, tokenization, trading and payment platforms, financial and asset management, as well as custody."
Earlier this year, several cryptocurrency exchanges faced crises one after another, causing market shocks. Regarding this, Chen Haolian stated that the Hong Kong Special Administrative Region government has conducted research on these cases and summarized the experience. "We believe that the problem lies in their mismanagement and operation without proper regulation. However, the underlying blockchain technology is the key to the development of virtual assets, and it is a technology that we must embrace." Based on this, Chen Haolian believes that Hong Kong should seize the opportunity to promote the development of Web3.0 in Hong Kong, but it is necessary to ensure investor protection and prevent its exploitation for illicit purposes such as money laundering, without compromising the stability of the financial system.
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