Hong Kong Secretary for Financial Services and the Treasury Christopher Hui: The Monetary Authority plans to implement a regulatory framework for "stablecoins" in 2024

ChainCatcher news, the Secretary for Financial Services and the Treasury, Christopher Hui, stated in his speech at the Aspen Digital Web 3 Investment Summit:

As of the end of February 2023, the Invest Hong Kong has received expressions of interest from over 80 mainland and foreign companies related to virtual assets wishing to establish operations in Hong Kong. These companies include virtual asset exchanges, blockchain infrastructure companies, blockchain cybersecurity companies, virtual currency wallet and payment companies, as well as other projects building the Web3 ecosystem. By the end of February, 23 companies from mainland China, Canada, the EU, Singapore, the UK, and the US have indicated to Invest Hong Kong their plans to set up a presence in Hong Kong, with business areas including virtual asset exchanges, blockchain infrastructure, and blockchain cybersecurity.

In addition, Hui also mentioned that the Hong Kong Monetary Authority is studying a regulatory framework for "stablecoins," aiming to implement relevant regulations in 2024. On the other hand, Hong Kong is collaborating with the mainland to test the use of digital renminbi for cross-border payments and is working with several central banks on a multi-central bank digital currency bridge project to expedite cross-border payments. (Source link)