According to Techub News, Hong Kong Financial Secretary Paul Hui wrote an article in which he introduced to local regulators and the financial industry in Europe how Hong Kong, as a pioneer in embracing the development of Web3, can promote market development from multiple aspects such as legislation, product innovation and government financing.
In terms of legislation, Hong Kong implemented a licensing system for virtual asset trading platforms in June last year and is formulating other licensing regulations for virtual asset businesses; in terms of product innovation, Asia's first six virtual asset ETFs have been listed and pioneered a physical subscription and redemption mechanism; in terms of government bond financing, the SAR government led the world in issuing two batches of tokenized green bonds. The second batch of multi-currency (Hong Kong dollar, RMB, euro and US dollar) bonds totaled US$770 million, making it the world's first multi-currency government green bond issued in a digital native form.
Xu Zhengyu also said that he will further communicate with important financial technology stakeholders at the Hong Kong Web3 flagship event in October this year to expand cooperation space at the international level.