Hong Kong Financial Secretary Paul Chan: The Hong Kong Monetary Authority is formulating a regulatory framework for "stablecoins" and plans to conduct a second round of public consultation within this year

ChainCatcher news, the Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu, stated at the Legislative Council's Financial Affairs Committee regarding the development of Hong Kong's fintech and other innovative financial services that the Financial Secretary will establish a dedicated task force to provide recommendations on how to promote the sustainable and responsible development of the Web3 industry. 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.

Xu Zhengyu mentioned that Hong Kong currently has over 800 fintech companies offering various types of innovative and convenient financial services, including mobile payments, cross-border remittances, blockchain, virtual banks, virtual insurance, and virtual asset trading. In addition, the Digital Currency Research Institute of the People's Bank of China and the HKMA launched the second phase of the digital renminbi cross-border payment technology test last year, involving more Hong Kong banks and enhancing the digital renminbi wallet through "Faster Payment System." (Source link)