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Hong Kong NPC Delegate: Caution Needed in the Development of Stablecoins, Virtual Assets, and Other Emerging Financial Products

2 hours ago

March 8th saw Rita Fan—Chairperson of Hong Kong’s Legislative Council and a National People’s Congress (NPC) deputy—announce her full support for Hong Kong’s first five-year plan. Vincent Chan, another Hong Kong NPC delegate, noted the need to cautiously develop emerging financial products like stablecoins and virtual assets. Multiple financial institutions (including banks, securities firms, and insurers) have already adopted artificial intelligence (AI), and better regulation of AI—including enhanced oversight—is needed to safeguard Hong Kong’s financial security and prevent potential issues. Additionally, Holden Chow, a member of Hong Kong’s Legislative Council Election Committee, said the 14th Five-Year Plan outlines China’s development direction for the next five years and beyond. In this new phase, Hong Kong should fully leverage its strengths to advance the “four centers and one highland” initiative: consolidate its status as an international financial, shipping, and trade hub; and vigorously build an international innovation and technology center. Currently the world’s third-ranked international financial center, Hong Kong has every chance to move up to second place, he added. Source: Sing Tao Daily
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