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Stay updated with the latest developments in the world of crypto and blockchain with our exclusive insights and analysis. Today, we bring you a comprehensive overview of the recently published Annual Report by the Hong Kong Deposit Protection Board for 2023-2024.
The Hong Kong Deposit Protection Board has released its Annual Report for 2023-2024, showcasing significant achievements and future enhancement measures. As per the Hong Kong Monetary Authority, the report highlights key milestones achieved by the Board, including the completion of a public consultation on proposed enhancements to the Deposit Protection Scheme (DPS) and the subsequent issuance of consultation conclusions.
Key Highlights from the Report
One of the major accomplishments mentioned in the report is the successful passage of the DPS (Amendment) Bill 2024 by the Legislative Council on July 3, 2024. This legislative progress sets the stage for the phased implementation of enhancement measures, with the first phase scheduled to begin on October 1, 2024, followed by the second phase on January 1, 2025.
Additionally, the Board has focused on enhancing public awareness and understanding of the DPS, leading to a record-high level of public awareness of the Scheme in 2023.
Future Enhancements for Deposit Protection
The enhancements planned for the DPS aim to offer enhanced protection for depositors and ensure the stability of Hong Kong’s financial system. The gradual implementation of these measures will facilitate a smooth transition and adaptation to the new framework. The Board’s efforts to engage with the public through consultations demonstrate its commitment to transparency and inclusivity in policy development.
Accessing the Annual Report
The complete Annual Report for 2023-2024 is now available on the Board’s website for interested individuals and parties. You can access the report directly from the official website for detailed insights and information.
As the Hong Kong Deposit Protection Board continues to uphold the interests of depositors and bolster confidence in the banking system, the implementation of these new measures underscores its dedication to enhancing the effectiveness and reliability of the Deposit Protection Scheme.
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