Hong Kong is strengthening its position as a global financial hub by advancing its digital asset framework. Financial Secretary Paul Chan announced that the city has issued 10 licenses for virtual asset trading platforms and is currently reviewing eight additional applications. This move is part of Hong Kong's broader strategy to embrace digital assets and enhance its competitive edge. In a significant development, Hong Kong has completed legislation for stablecoins, set to take effect on August 1. This makes Hong Kong one of the first jurisdictions globally to establish a statutory regulatory framework for stablecoins, reflecting the city's commitment to innovation and regulatory clarity in the digital asset space.