The Hong Kong Monetary Authority Plans to Develop A Regulatory Framework for Stablecoins

[ChainDD report] June 5 (ChainDD) On June 5, the secretary for Financial Services and the Treasury, Hui Cheng Yu, reported on the latest developments and initiatives in fintech and other innovative financial services in Hong Kong, as well as the progress of the regulation of virtual assets.

He said that to seize the opportunities presented by the Web3 development, the Financial Secretary would set up a task force to advise on how to promote the sustainable and responsible development of the Web3 industry.

In addition, the Hong Kong Monetary Authority (HKMA) is formulating a regulatory framework for stablecoins, and plans to conduct a second round of public consultation within this year.


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