Hong Kong To Launch Stablecoin Regulatory Framework By End Of 2024

Key Points:

• Hong Kong aims to launch a regulatory framework for stablecoins by the end of next year, reflecting its commitment to the virtual asset industry.
• The government supports the industry and has adopted the principle of “same business, same risk, and same rules” for supervision, protecting investors and ensuring compliance with international standards.
• The number of financial technology companies in Hong Kong has grown exponentially in the past five years, with over 800 companies providing diversified services, including virtual banking, virtual insurance, and virtual asset transactions.

Hong Kong government aims to launch a regulatory framework for stablecoins by next year’s end, supports the virtual asset industry and welcomes talents to come to Hong Kong.

Chen Haolian, the deputy director of the Hong Kong Financial Services and Treasury Bureau, recently announced that the government has conducted a public consultation on the launch of stablecoins and aims to launch a regulatory framework by the end of next year.

In addition, the Hong Kong government is actively participating in the virtual asset value chain and supporting the development of the industry. The government has issued a policy declaration on the development of virtual assets and adopted the principle of “same business, same risk, and same rules” for supervision. This approach is expected to protect investors and ensure that anti-money laundering and other rules meet international standards.

Chen Haolian also mentioned that the Hong Kong government is focusing on developing Internet 3.0. The number of financial technology companies in Hong Kong has grown exponentially in the past five years, with over 800 companies providing diversified services, including virtual banking, virtual insurance, and virtual asset transactions. The government welcomes the industry and talents to come to Hong Kong.

The Hong Kong Monetary Authority will gradually establish a regulatory framework for stablecoins. The goal is to launch it before the end of next year. The government’s support for developing the virtual asset industry and issuing tokenized green bonds earlier this year reflect its commitment to the industry.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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