LCQ1: Policy on the development of digital assets

Following is a question by the Hon Nick Chan and a reply by the Acting Secretary for Financial Services and the Treasury, Mr Joseph Chan, in the Legislative Council today (November 4): Question: To establish Hong Kong as a global hub for innovation in the digital asset field, the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong issued last year introduced the "LEAP" framework focusing on: (i) legal and regulatory streamlining; (ii) expanding the suite of tokenised products; (iii) advancing use cases and cross-sectoral collaboration; and (iv) people and partnership development. In this connection, will the Government inform this Council: (1) of the latest developments in the aforesaid four areas; as there are views pointing out that the professional talent bottleneck faced by the Web 3.0 industry has limited its pace of development, of the Government's corresponding policies to nurture and recruit relevant talents; (2) as there are views that Web 3.0 assets differ significantly from traditional financial products in terms of valuation and risk management, of the policy initiatives put in place by the authorities to avoid excessive regulation while managing risk

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