PANews reported on November 15 that Hong Kong Financial Services and the Treasury Bureau Secretary Paul Chan said in his speech at the Legislative Council meeting on November 14, "In terms of promoting artificial intelligence, we have issued a policy declaration at the just-concluded Hong Kong Fintech Week 2024, which elaborates on the policy stance and approach to the responsible application of artificial intelligence in the financial market. Regarding the sustainable development of virtual assets, we will submit a draft bill to the Legislative Council this year to regulate issuers of fiat stablecoins. We are also adjusting the proposal to regulate virtual asset over-the-counter trading services, with the goal of completing the second round of public consultation next year and submitting a proposed licensing system for regulating virtual asset custody service providers."
