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PANews
PANews|Mar 08, 2026 02:07
[Hong Kong Legislative Council President Calls for Cautious Development of Stablecoins and Virtual Assets in Emerging Finance] According to Hong Kong media reports, the President of the Hong Kong Legislative Council, Starry Lee, stated that the Legislative Council will fully support and cooperate with Hong Kong in formulating its first five-year plan, emphasizing that Hong Kong will continue to integrate into the overall national development strategy. She also proposed suggestions regarding financial and technological development, including improving the functionality and regulation of financial markets. Chan Chun-ying, a Hong Kong deputy to the National People's Congress and Legislative Council member, pointed out that the development of emerging financial products such as stablecoins and virtual assets should be approached with caution. He emphasized that many financial institutions, including banks, securities firms, and insurance companies, have already widely adopted artificial intelligence. He believes that better regulation and oversight of AI usage are necessary to ensure the safety of Hong Kong's financial sector and to prevent potential issues. In addition, Election Committee constituency Legislative Council member Ng Kit-chung stated that the "15th Five-Year Plan" represents the direction of national development for the next five years and beyond. Hong Kong should fully leverage its advantages to excel in building the "four centers and one hub," consolidating and enhancing its position as an international financial, shipping, and trade center. Furthermore, efforts should be made to establish Hong Kong as an international innovation and technology hub, striving to elevate its status from the world's third-largest international financial center to the second.
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