Hong Kong Financial Secretary: Will submit a draft bill on stablecoins and virtual asset over-the-counter trading services to the Legislative Council

ChainCatcher news, according to a report by Caihua News, Hong Kong's Financial Secretary, Paul Chan, introduced the expenditure budget and work priorities for the 2024 to 2025 fiscal year, stating that the multi-central bank digital currency cross-border network (mBridge) is expected to launch its first phase of services this year, initially using multiple central bank digital currencies for cross-border transactions for enterprises.

In addition, the "Digital Renminbi" will also expand its pilot scope in Hong Kong to further enhance the efficiency of cross-border payments and user experience. In terms of virtual assets, a series of initiatives are being promoted to strengthen regulation to facilitate the robust and responsible development of Hong Kong's virtual asset market.

Specifically, the Monetary Authority launched a stablecoin sandbox in March this year, allowing institutions intending to issue stablecoins to conduct testing within a controlled environment. It has also conducted public consultations on the regulation of fiat stablecoin issuers and virtual asset over-the-counter trading services, and is considering the opinions and suggestions received. Depending on the progress of preparatory work, a bill will be submitted to the Legislative Council as soon as possible.