Hong Kong’s Bold Move: Gold Tokenization and AI to Revolutionize Finance
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In a latest development, Hong Kong is considering to explore gold tokenization and AI-blockchain integration to innovate finance and boost digital economy.
Hong Kong’s Growing Role In Virtual Asset Market
The world’s biggest cryptocurrency and Web3.0 event, the Consensus Conference, kicked off in Hong Kong on the 18th. Notably, this is the first time in five years that the event has been held outside the United States. Hong Kong’s Financial Services and Treasury Bureau Director, Xu Zhengyu, revealed that the city is exploring gold tokenization and advancing digital finance to drive participation in the real economy.
At the Consensus Conference, Xu Zhengyu highlighted Hong Kong’s growing role in the virtual asset market, sharing exciting developments shaping the future of finance.
Hong Kong’s Game-Changer: Gold Tokenization to Revolutionize Finance
He revealed that Hong Kong is exploring gold tokenization, which blends physical gold with blockchain tech to offer investors more flexibility and security, aiming to revolutionize the financial market. Additionally, the city is pushing for digital finance to integrate more with the real economy, including supporting cross-border payments. Another key trend is the fusion of AI with blockchain and Web3 technologies, strengthening Hong Kong’s digital infrastructure for the future.
In an interview with a Hong Kong newspaper, Michael Lau, chairman of Consensus Hong Kong, explained that the frequent capital flows in Asia and the proximity of Hong Kong to many major Asian markets made Hong Kong the perfect choice for this year’s conference. He emphasized that Hong Kong’s clear regulatory framework and talented workforce offer significant potential for growth in digital assets and Web3.0.
Regulatory Framework For Stablecoin Issuers
At the event, Secretary for Financial Services and the Treasury, Christopher Hui Ching-yu, noted that Hong Kong is constantly updating its regulations to create a complete ecosystem for virtual assets. Hui mentioned that the government is also testing currency tokenization through sandbox initiatives. They’re also working on creating a regulatory framework for stablecoin issuers.
Hui said that with rapid technological advancements, artificial intelligence is both an opportunity and a necessity to strengthen the digital infrastructure. He emphasized that blockchain-based decentralized AI platforms are key to ensuring data privacy, security, and innovation.
The three-day event is set to draw 8,000 global participants from the cryptocurrency, blockchain, and Web3.0 sectors, all coming together to explore the future of the virtual asset industry.
