Chiu Ta-kan: Hong Kong will submit a bill on regulatory framework for four types of virtual asset service providers within the year

At the 12th Global Blockchain Summit, Hong Kong Legislative Council member (Technology and Innovation sector) Chiu Ta-kin stated that Hong Kong will submit a draft bill to the Legislative Council by 2026 targeting four categories of virtual asset service providers: virtual asset trading service providers, custodial service providers, advisory service providers, and management service providers. He pointed out that Hong Kong's first five-year plan has already covered stablecoins, central bank digital currencies, tokenization, and blockchain applications, and the Hong Kong Monetary Authority's 'Fintech 2030' strategy also proposes promoting financial tokenization, including leading demonstration projects on RWA tokenization under the authority of the HKMA, and driving use cases for tokenized deposits and digital asset settlement through the Ensemble project. Chiu Ta-kin said that the next step for Hong Kong's Web3 finance development requires coordination among participants, legislation, and products, with key priorities including making Hong Kong-issued stablecoins attractive to sufficient users and serving as a payment and settlement medium, as well as leveraging RWA to unlock traditionally inefficiently traded assets; Hong Kong is also advancing further collaboration with mainland China in areas such as data interoperability, cross-border blockchain finance, and renminbi internationalization.