Hong Kong's Tokenization Progress Moves from Experimental Phase to Implementation Phase

The Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, stated that the progress of tokenization in Hong Kong is moving from the experimental phase to the implementation phase. Currently, Hong Kong has gathered over 1,400 fintech companies, including 8 virtual banks, 4 virtual insurance companies, and 12 licensed virtual asset trading platforms. In the future, the government will build a more comprehensive financial ecosystem to inject new momentum into the development of the financial industry and adhere to a forward-looking strategy. The Hong Kong Stock Exchange plans to launch a pilot program for tokenized warehouse financing next year, collaborating with designated banks to utilize distributed ledger technology to promote the use of commodity warehouse receipts as collateral. At the same time, the Hong Kong Stock Exchange is also establishing a multi-asset tokenization platform, including commodity warehouse receipts from recognized warehouses.

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