Financial Secretary Chen Maobo believes that as long as risks are well managed, Hong Kong can develop virtual asset management business.
Recently, the virtual asset trading platform FTX filed for bankruptcy, causing people to worry about the supervision of related platforms.
In his keynote speech at the "Hong Kong 01" Economic Summit Forum, he pointed out that the collapse of the platform does not mean that there is a problem with the technology behind it, and believes that embracing innovative technology and virtual assets is the main direction in the future.
He emphasized the need to be careful about the risks of the financial system, but he believes that as long as sufficient safeguards are provided and the principle of "same risk, same supervision" is required, such as requiring trading platforms to separate their own funds from customer funds, etc. Feasible one step ahead of the market.
Cooperation between Hong Kong and the Mainland needs to achieve mutual benefit
When talking about how Hong Kong can connect internal and external cycles under the overall development of China, he pointed out that the cooperation between Hong Kong and the mainland can achieve twice the result with half the effort as long as they are mutually beneficial; at the same time, Hong Kong must also make changes depending on the development needs of the mainland.
He used the financial services industry as an example. The listing of Tsingtao Brewery (0168) in 1993 reflected that the mainland needed capital; The capital market is open to the international market under the condition of controllable risks.
Therefore, as a risk management center, Hong Kong not only represents the insurance business, but the securities market also needs risk management.
He also gave an example in terms of RMB internationalization. In the future, Southbound Connect can be denominated in RMB to trade Hong Kong stocks. If more international companies are attracted to Hong Kong to list in the future and traded in Southbound Connect, liquidity and valuation will be improved. In disguise, it also attracts more companies to list in Hong Kong, and at the same time improves the level of RMB internationalization
In addition, under today's geopolitical situation, investors in the Middle East have the willingness to diversify risks, and their interest in assets in China and Hong Kong has increased. Incentives to trade in RMB.