Xu Zhengyu: Actively explore the application of asset tokenization in real economy scenarios, and plan to issue limited stablecoin licenses next year

According to Foresight News, according to the 21st Century Business Herald, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Hui Ching-yu, systematically elaborated on Hong Kong’s strategic layout in financial technology, asset management and commodity markets in an exclusive interview, aiming to use the advantages of "one country, two systems" to build the country's "international asset safe deposit box" and serve the strategy of becoming a financial power. Xu Zhengyu emphasized that the goal of developing financial technology (FinTech) is to "empower the real economy" rather than speculation. Taking asset tokenization (Tokenization/RWA) as an example, he pointed out that Hong Kong is exploring its application in real economy scenarios such as international shipping leasing and corporate fund management, and mentioned that the successful issuance of the third batch of digital green bonds by the SAR government is an important step towards normalization.

Hong Kong has passed relevant laws and aims to start issuing stablecoin licenses next year. However, the initial number of licenses will be very limited and supervision will be prudent. It is clear that stablecoins are designed to solve real economic pain points such as cross-border payments, rather than as speculative tools. Hong Kong is actively attracting family offices and plans to submit a bill to the Legislative Council next year to expand tax exemptions to emerging product categories such as digital assets, private credit, and carbon credits to better "catch" global funds.

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