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Hong Kong Securities Regulatory Commission Welcomes the 2023-2024 Budget Measures to Consolidate Hong Kong’s Position as an International Financial Center

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It is reported that the Hong Kong Securities Regulatory Commission welcomes the various measures proposed by the Financial Secretary, Mr. Chen Maobo, in the 2023-2024 government bu

Hong Kong Securities Regulatory Commission Welcomes the 2023-2024 Budget Measures to Consolidate Hong Kongs Position as an International Financial Center

It is reported that the Hong Kong Securities Regulatory Commission welcomes the various measures proposed by the Financial Secretary, Mr. Chen Maobo, in the 2023-2024 government budget to further consolidate Hong Kong’s status as an international financial center. Mr. Lei Tianliang, chairman of the SFC, said that the proposed measures to develop Hong Kong into an international green technology and financial center would lead to sustainable and high-quality growth through technological innovation. The SFC also supports the proposal to promote the development of Hong Kong’s digital economy and establish a task force on the development of virtual assets. In this regard, the CSRC recently launched public consultation on the proposed regulatory provisions applicable to the virtual asset trading platform. These provisions are designed to ensure that investors can be fully protected by a series of appropriate safeguards.

Hong Kong Securities Regulatory Commission: support the proposal on promoting the development of Hong Kong’s digital economy and establishing a task force on the development of virtual assets

Introduction

In its 2023-2024 budget, the Financial Secretary of Hong Kong, Mr. Chen Maobo, proposed various measures to further consolidate the city’s status as an international financial center. The Hong Kong Securities Regulatory Commission (SFC) has welcomed these measures, which aim to develop Hong Kong into an international green technology and financial center as well as promote the development of Hong Kong’s digital economy. SFC Chairman, Lei Tianliang, stated that these proposals would lead to sustainable and high-quality growth through technological innovation.

Consolidation of Hong Kong’s Status as an International Financial Center

The SFC sees the initiatives proposed in the 2023-2024 budget as vital for consolidating Hong Kong’s status as a leading financial center. The ambitious goal of developing Hong Kong into an international green technology and financial center is expected to place the city as the forefront of addressing global environmental challenges through technological innovation. The proposal will lead to the deployment of green technology investment funds and sustainable bonds, which will be instrumental in raising capital for companies committed to sustainable economic growth.
Key to achieving a successful consolidation of Hong Kong’s status as an international financial center is the promotion of the development of Hong Kong’s digital economy. This includes the establishment of a task force specifically focused on the development of virtual assets. The industry must be protected by the latest regulatory measures, with the SFC taking up the role to ensure that investors can be fully protected through a series of appropriate safeguards.

Public Consultation on Regulatory Provisions

The Hong Kong Securities Regulatory Commission recently launched public consultation on the proposed regulatory provisions applicable to the virtual asset trading platform. The highlighted provisions are designed to bring optimal investor protection and fair competition across the virtual assets investment sector. The measures cover issues such as liquidity, contingency arrangements, exchanges and custody and will provide a strong framework to protect investors while also encouraging healthy competition between virtual asset trading platforms.

Conclusion

The proposed measures set out in the 2023-2024 budget by the Financial Secretary of Hong Kong have been received positively by the Hong Kong Securities Regulatory Commission. The SFC believes these measures will spur sustainable and substantial technological innovation, promoting high-quality and environmentally friendly growth while also establishing Hong Kong as an international financial center. The regulatory framework ensures that Hong Kong’s investors are protected from market vulnerabilities, ensuring stability and transparency within the virtual assets industry under the upcoming provisions.

FAQs

1. What are the measures proposed in the 2023-2024 budget to consolidate Hong Kong’s position as an international financial center?

The proposed measures include the development of Hong Kong as an international green technology and financial center, the promotion of Hong Kong’s digital economy, and the establishment of a task force on the development of virtual assets.

2. Why is the SFC supportive of the proposal to promote the development of Hong Kong’s digital economy?

The promotion of Hong Kong’s digital economy is key to achieving a successful consolidation of Hong Kong’s position as an international financial center.

3. What regulatory provisions are included in the proposed measures?

The regulatory provisions are focused on ensuring liquidity, contingency arrangements, exchanges, and custody under fair competition to protect investors in the virtual asset trading sector.

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