According to BlockBeats, Hong Kong Chief Executive John Lee announced initiatives to promote tokenized deposits and asset trading during his fourth policy address. The Hong Kong Monetary Authority will encourage commercial banks to introduce tokenized deposits and facilitate real asset tokenization transactions. This includes using tokenized deposits to settle tokenized money market funds, assisting the government in regularizing tokenized bond issuance, and encouraging banks to enhance risk management through regulatory sandboxes.
Lee stated that Hong Kong is implementing a stablecoin issuer system and drafting legislative proposals for licensing digital asset trading and custody services. The Hong Kong Securities and Futures Commission is exploring ways to expand digital asset products and services available to professional investors while ensuring investor protection. Additionally, efforts are being made to strengthen international tax cooperation to combat cross-border tax evasion.