The Hong Kong Monetary Authority has listed crypto assets (especially stablecoins) as one of the key focuses for 2024

ChainCatcher news, the Hong Kong Monetary Authority (HKMA) official website today released the "2023 Annual Report," which includes the financial statements of the Exchange Fund and its "2023 Sustainability Report." The section on the 2024 work priorities and outlook in the annual report includes cryptocurrency assets (especially stablecoins). The HKMA pointed out that public consultations regarding the regulation of stablecoin issuers will be conducted from December 2023 to February 2024.

The HKMA will collaborate with the government to advance the relevant legislative work and will continue to communicate with various stakeholders when formulating and implementing the relevant regulatory framework, as well as monitor market developments and related international discussions. Meanwhile, the HKMA will implement a stablecoin "sandbox" arrangement to facilitate exchanges of views with the industry on proposed regulatory frameworks and requirements, enhancing the robustness of non-bank financial intermediaries, cryptocurrency assets, and financial innovation.

The HKMA will focus on products related to virtual assets and will reference the latest market developments and revisions to international standards in the process. To promote the sustainable and responsible development of the virtual asset industry, the HKMA will continue to collaborate with the government and other regulatory bodies to ensure the establishment of a robust, comprehensive, and appropriately balanced regulatory framework for the virtual asset industry.