John Lee: Hong Kong will continue to support the development of the local digital asset community.

PANews reported on February 11th, citing CoinDesk, that Hong Kong Chief Executive John Lee delivered a brief speech at the opening ceremony of Consensus Hong Kong, outlining Hong Kong's work in developing the cryptocurrency community and businesses. In his pre-recorded remarks, he stated, "The Hong Kong SAR Government is committed to establishing Hong Kong as a global hub for digital asset innovation. To this end, Hong Kong has been actively building a regulatory framework over the past few years to promote the robust and sustainable development of the Web3 ecosystem."

John Lee stated that Hong Kong can leverage its strengths in the burgeoning cryptocurrency sector and benefit from its existing close ties to mainland China and the broader financial markets. He cited Hong Kong's efforts in the cryptocurrency field, including last year's statement on digital asset regulation and work related to stablecoins. He indicated that the Hong Kong Monetary Authority (HKMA) is about to issue licenses to stablecoin issuers, with the first batch potentially being issued next month. Similarly, the Securities and Futures Commission (SFC) is working to enhance liquidity in the region's virtual asset market to further "drive the development of this dynamic growth area." He emphasized that "Hong Kong is well-positioned to drive Web3 development, and will continue to go all out to remain at the forefront of this critical financial and technological transformation. We welcome global businesses and institutions to join us in building a brighter digital future."