PANews June 21 news, according to the Hong Kong Government News Bulletin, Hong Kong's Financial Secretary Paul Chan said today at an event that as of the end of March this year, the number of registered funds in Hong Kong reached 976, with a net inflow of over 44 billion US dollars year-on-year, a growth of 285%. Family offices are expected to increase from 2,700 to 3,000 soon, and Hong Kong will become the world's leading cross-border asset management center in two to three years.
In terms of financial innovation, there has been a strong market interest in digital assets recently, particularly discussions around the issuance of stablecoins. The legislative work on stablecoins has made Hong Kong one of the first jurisdictions in the world to establish a legal regulatory framework for stablecoins. We embrace the development of digital assets and have accelerated the improvement of related legal regulatory frameworks in recent years, such as the licensing system for virtual asset trading platforms, having issued 10 licenses and currently reviewing eight additional applications.