Hong Kong Finance Secretary Considers Replacing the Term "Virtual Assets" with "Cryptocurrency" and "Digital Assets"

Hong Kong's Finance Secretary, Paul Chan, has recently proposed replacing the term "virtual assets" with "cryptocurrency" or "digital assets" in legal and financial policies. He believes that the current terminology can be misleading and that these changes will help define these assets more clearly, thereby promoting the development of the digital finance industry in Hong Kong. This proposal is part of Hong Kong's strategy to assert its position as a regional and global digital financial center.