Xu Zhengyu: The Hong Kong Monetary Authority plans to conduct the second round of public consultation on the regulatory framework for stablecoins within this year

ChainCatcher news, Hong Kong Financial Secretary Paul Chan revealed in an interview that the Hong Kong Monetary Authority is drafting a regulatory framework for stablecoins and plans to conduct a second round of public consultation within this year. We expect to implement regulatory arrangements in the 2023/2024 fiscal year.

In addition, Paul Chan stated that the number of fintech-related companies in Hong Kong has exceeded 800, covering areas such as mobile payments, cross-border wealth management, virtual assets, AI financial advisory services, wealth and investment management, and compliance technology. This includes 8 virtual banks, 4 virtual insurance companies, and two licensed virtual asset trading platforms. In terms of the securities market, Hong Kong launched a specialized technology company listing mechanism in March this year, which has received strong support from the market, providing new financing channels for domestic and foreign specialized technology companies engaged in cloud services, artificial intelligence, and more, while also supporting the country's core technology research and development.