Hong Kong’s Financial Secretary and the Treasury Bureau Deputy Director, Chan Ho-lim, revealed that the OECD revised the Common Reporting Standard, incorporating new types of digital financial products such as central bank digital currency, and issued a framework for reporting crypto assets, aiming to enhance transaction transparency. The Hong Kong Legislative Council supports this bill, with the goal of enacting the legislation by 2026.

On March 26, Hong Kong Financial Secretary Paul Chan Mo-po stated that the People's Bank of China and the Hong Kong Monetary Authority are exploring the feasibility of upgrading the digital yuan wallet to enhance usage limits and user experience. Currently, Hong Kong has opened 80,000 digital yuan wallets, with the number of accepting merchants increasing to 5,200, covering multiple consumption sectors.

Hong Kong's Financial Secretary Paul Chan introduced the development status of Hong Kong stablecoins and the digital yuan, emphasizing the growth of digital yuan wallets driven by local banks and the significant expansion of merchant acceptance. In the future, the government will explore the potential of wallet upgrades and new payment tools to meet market demands.

Hong Kong's Secretary for Financial Services and the Treasury, Paul Chan, stated that the number of digital yuan wallets is growing steadily, with a cumulative total of approximately 80,000. The People's Bank of China and the Hong Kong Monetary Authority are exploring wallet upgrades to enhance usage limits and user experience. Additionally, stablecoins and central bank digital currencies have multiple payment application potential under compliance frameworks.

On March 9th, DeFi lending protocol Aave reached 155,000 monthly active users in February, setting a new record with approximately 100% growth. Due to a reduction in low-risk yield strategies, investors are shifting towards DeFi lending. Aave's total value locked across 20 blockchains is nearly $27 billion. The governance group Aave Chan Initiative announced it is ceasing operations due to transparency disputes.

Hong Kong Financial Secretary Paul Chan emphasized in the "14th Five-Year Plan" essay that Hong Kong needs to consolidate its position as an international financial center, support innovation and technological development, and use finance to support the real economy. The focus will be on promoting financing for science and technology companies, offshore Renminbi business, green finance, and bulk commodity trading.

Hong Kong Legislative Council Chairman Regina Ip stated that she will support the development of the first five-year plan and proposed recommendations for financial and technological development. Hong Kong's National People's Congress delegate Chan Zhenying emphasized the need for cautious development of emerging financial products and regulation of AI usage to ensure financial security. Wu Jiezhuang mentioned that Hong Kong should leverage its advantages, consolidate its status as an international financial center, and promote technological innovation.

The governance structure of the decentralized lending protocol Aave has recently changed. The major service provider Aave Chan Initiative announced that it will gradually end its cooperation with Aave DAO. This news caused the AAVE price to drop nearly 10%. Governance uncertainty and ecosystem development issues have heightened market concerns. The total value locked in the Aave network and weekly revenue have also declined significantly, potentially affecting investor confidence. Technical indicators show that AAVE still faces downward pressure. Analysts warn that if support levels are broken, the price could fall back to a key support zone.

Gate News bot message, Marc Zeller's Aave Chan Initiative (ACI) will depart from Aave in July due to governance tensions, according to The Block. The ACI, which has been involved in Aave governance activities, is set to conclude its relationship with the protocol amid ongoing governance-related disa

Gate News bot message: According to The Block, ACI (Aave Chan Initiative), led by Marc Zeller, will exit Aave in July due to governance conflicts. ACI has previously been involved in governance work for the Aave protocol.