Hong Kong Legislative Council Chairman Calls for Cautious Development of Stablecoins and Virtual Assets, Emphasizing the Need to Regulate AI Oversight

Gate News reports that on March 8, Hong Kong Legislative Council Chairman Regina Ip stated that the Legislative Council will fully support and cooperate with Hong Kong in developing its first five-year plan, emphasizing that Hong Kong will continue to integrate into the national development strategy. She proposed suggestions regarding financial and technological development, including improving financial market functions and regulation. Hong Kong NPC deputy and Legislative Council member Chan Chun-ying pointed out that emerging financial products such as stablecoins and virtual assets should be developed cautiously. He also emphasized that many financial institutions, including banks, securities firms, and insurance companies, are widely using artificial intelligence. He believes there is a need to better regulate AI usage and oversight to ensure financial security in Hong Kong and prevent issues. Additionally, Wu Jie-zhuang, a member of the Election Committee of the Hong Kong Legislative Council, stated that the “14th Five-Year Plan” represents the country’s development direction for the next five years and beyond. Hong Kong should fully leverage its advantages, focus on building the “Four Centers and One High Ground,” strengthen its status as an international financial, shipping, and trade center, and strive to become an international innovation and technology hub, aiming to elevate from the world’s third-largest international financial center to the second.