Hong Kong Chief Executive John Lee Ka-chiu: The HKMA is studying the market's opinions on regulating stablecoins
2022/10/19 04:51
According to the Hong Kong Economic Journal, the Chief Executive of the Hong Kong Special Administrative Region of China, John Lee Ka-chiu, issued the first "Policy Address" in his tenure. He mentioned that the government will take measures to comprehensively enhance the competitiveness of Hong Kong's financial services. On virtual assets, the Government has submitted a Bill to propose the introduction of a statutory licensing system for service providers. The Hong Kong Monetary Authority is studying market views on regulating stablecoins and will ensure that the regulatory regime is in line with international regulatory recommendations and is appropriate for local conditions. In addition, the HKMA has carried out preparations for the "digital Hong Kong dollar" and is working with mainland institutions to expand the test of "digital yuan" as a cross-border payment tool in Hong Kong.
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