Hong Kong Financial Secretary: Eight additional applications for virtual asset trading platform licenses are currently being reviewed and approved Hong Kong Financial Secretary Paul Chan said in his speech at a forum on June 21, "As an international financial center, Hong Kong must constantly reform and innovate, and continuously enhance our competitive advantage. We embrace the development of digital assets and have accelerated the improvement of relevant legal and regulatory frameworks in recent years. For example, the licensing system for virtual asset trading platforms has issued 10 licenses and is currently reviewing an additional eight applications. We have also just completed the legislative work on stablecoins, which will come into effect on August 1st, making Hong Kong one of the first jurisdictions in the world to establish a legal regulatory framework for stablecoins