The effective exchange rate index for the Hong Kong dollar on Wednesday, December 27, 2023 is 103.9 (same as last Saturday’s index).
The effective exchange rate index for the Hong Kong dollar on Saturday, December 23, 2023 was 103.9 (down 0.1 against last Friday’s index). read more
The Development Bureau (DEVB) today (December 27) announced the three historic buildings included under Batch VII of the Revitalising Historic Buildings Through Partnership Scheme (Revitalisation Scheme), and invited revitalisation proposals from non-profit-making organisations (NPOs) for one of them, namely Watervale House, the Former Gordon Hard Camp, in Tuen Mun. The application deadline is noon on April 10, 2024.
The other two historic buildings are the Old Lunatic Asylum (Chinese Block) in Sai Ying Pun and No. 23 Coombe Road at the Peak. Relevant application arrangements will be announced in due course.
A spokesman for the DEVB said, “Following a comprehensive review on the Revitalisation Scheme, the DEVB decided to announce all the historic buildings included in the latest batch of the Revitalisation Scheme and invite applications in phases. This arrangement aims to expedite the assessment process and facilitate advance planning by interested organisations.”
Watervale House, the Former Gordon Hard Camp, is a Grade 2 historic building. Built in 1933, it was originally a private residence. In 1959, the British War Department purchased the building and used it as an officers’ mess.
Guided tours to Watervale House, the Former Gordon Hard Camp, will be arranged for NPOs on January 12, 2024, and a workshop will be held on January 15, 2024, for them to learn about the application procedures and assessment criteria. Interested NPOs can register from now until January 8, 2024, at www.heritage.gov.hk/en/revitalisation-scheme/batch-vii-of-revitalisation-scheme/guided-tour-and-workshop/index.html.
The application guide, application form and resource kit containing the historical background of the building and the conservation guidelines, as well as other related information, are available for download at www.heritage.gov.hk/en/revitalisation-scheme/batch-vii-of-revitalisation-scheme/index.html.
Other key enhancement measures implemented following the comprehensive review on the Revitalisation Scheme include allowing NPOs with charitable status under section 88 of the Inland Revenue Ordinance (Cap. 112) to partner with non-charitable organisations to submit applications; and increasing the maximum one-off grant to meet the starting costs and operating deficits of the social enterprises for the first two years of operation from $5 million to $6 million.
Enquiries can be made to the Revitalisation Scheme Secretariat by email at rhb_enquiry@devb.gov.hk or by phone on 2906 1560. read more
The Leisure and Cultural Services Department announced today (December 27) that some part of the green lawns, passageways and viewing platforms of Tamar Park and the Central and Western District Promenade – Central Se… read more
The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) jointly issued today (December 27) a public consultation paper to gather views on the legislative proposal to regulate issuers of stablecoin.
In view of the important roles played by stablecoins in the Web3 and virtual asset (VA) ecosystem, and the rising interconnectedness between the traditional financial system and the VA markets, the Government considers that a regulatory regime should be introduced for fiat-referenced stablecoin (FRS) issuers. Bringing FRS issuers into the regulatory remit under a risk-based and agile approach will facilitate a proper management of the potential monetary and financial stability risks, and provide transparent and suitable guardrails with the increased prevalence of VAs.
The legislative proposal has taken into account the feedback received from the market and the public to “Discussion Paper on Crypto-assets and Stablecoins” (Note 1) issued by the HKMA last year, the ongoing engagement exercises with stakeholders, local market conditions and needs, and applicable international standards. Its salient features are as follows:
a. introducing a new piece of legislation to implement a licensing regime requiring all FRS issuers that meet certain conditions (Note 2) to be licensed by the Monetary Authority (MA);
b. requiring that FRS can only be offered by specified licensed entities (Note 3), and only FRS licensed by the MA can be offered to retail investors;
c. prohibiting the advertising of:
(i) FRS issuance by unlicensed entities; or
(ii) non-specified licensed entities’ offering of FRS;
d. providing the necessary powers for the authorities to adjust the parameters of in-scope stablecoins and activities having regard to the rapid VA market development; and
e. providing a transitional arrangement to facilitate the implementation of the regulatory regime.
The HKMA will also introduce a sandbox arrangement for communicating supervisory expectations and guidance on compliance to entities having a genuine interest in and a reasonable plan on issuing FRS in Hong Kong, as well as obtaining their feedback on the proposed regulatory requirements, with a view to facilitating the subsequent implementation of the regulatory regime and ensuring that it is fit-for-purpose. Relevant details of the sandbox arrangement will be announced separately.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “With the implementation of the licensing regime for VA trading platforms from June this year, the legislative proposal to regulate FRS is another important measure facilitating Web3 ecosystem development in Hong Kong. With the relevant licensing, supervisory and enforcement parameters in place, the actual and potential risks associated with stablecoin development in Hong Kong could be properly managed in line with international standards.”
The Chief Executive of the HKMA, Mr Eddie Yue, said, “We are supportive of financial innovation and believe that it is essential to put in place the necessary regulatory guardrails and standards to enable the long-term, sustainable and responsible development of the virtual asset ecosystem. We are therefore introducing a sandbox arrangement alongside the public consultation to establish channels for the exchange of views between the HKMA and market players who wish to establish stablecoin issuance business in Hong Kong with a view to facilitating the implementation of the regulatory regime.”
The consultation period commences today and will last until February 29, 2024. The consultation paper is available on the websites of the FSTB and the HKMA. The industry and the public are invited to provide comments by post or email.
Note 1: See “Discussion Paper on Crypto-assets and Stablecoins” published on January 12, 2022.
Note 2: This refers to FRS issuers who (i) issue an FRS in Hong Kong; (ii) issue a Hong Kong dollar-referenced stablecoin; or (iii) actively market their issuance of FRS to the public of Hong Kong.
Note 3: Refer to licensed FRS issuers, authorised institutions, licensed corporations and licensed virtual asset trading platforms. read more
A new feature programme, “Time Travel Climate Mission”, jointly produced by the Hong Kong Observatory (HKO) and Radio Television Hong Kong (RTHK) to commemorate the 140th anniversary of the Observatory will premiere on RTHK TV 31 from 8.30pm to 9.30pm December 30 (Saturday).
Through the fantasy of time travel, “Time Travel Climate Mission” combines drama and documentary content to explore the possible impacts of climate change on human life in the future and how the Observatory helps protect public safety through science.
“Time Travel Climate Mission” is set in a hypothetical future many years later, when extreme weather on Earth has made the living environment hostile. Emma (played by Angel Lam), a special commissioner from the future, travels to Hong Kong in different periods via a time travel machine to find solutions to extreme weather. By chance, she meets Andrew (played by Henick Chou), a Scientific Officer of the Observatory, who has been interested in meteorology since childhood. With a view to mitigating climate change and avoiding the harsh consequences of extreme weather, they work together to promote the protection of the Earth and conduct relevant research, hoping that humans can make changes in their daily lives and work together to practise low-carbon living. The special programme also highlights the Observatory’s continuous development that keeps pace with the times over the years, including the development of the nowcasting system SWIRLS (Short-range Warning of Intense Rainstorms in Localised Systems) and the world’s first Light Detection and Ranging Windshear Alert System. The HKO is recognised by the World Meteorological Organization as a centennial observing station and designated as a Regional Specialised Meteorological Centre for Nowcasting. The Observatory has also established the Severe Weather Information Centre and the World Weather Information Service websites, and the Regional Significant Meteorological Information (SIGMET) Coordination Platform for aviation. Apart from promoting international meteorological co-operation, the Observatory also demonstrates its role in connecting the world, and enhancing meteorological technology development locally and globally.
The RTHK website (tv.rthk.hk), RTHK YouTube channel (rthk.hk) and mobile app “RTHK TV” will provide simultaneous live broadcasting and programme reviews. The HKO website and YouTube channel (hkweather) will also provide programme recaps.
A trailer of the special programme “Time Travel Climate Mission” has been uploaded to the HKO’s YouTube channel: www.youtube.com/watch?v=prMil0Wc2Yc. read more