Hong Kong Will Introduce Stablecoin Regulation By 2024

In a recent announcement by Chen Haolian, the deputy director of the Hong Kong Financial Services and Treasury Bureau, the government has conducted a public consultation regarding the introduction of stablecoins. It intends to establish a regulatory framework by the conclusion of the following year.

Furthermore, the Hong Kong government is actively involved in the virtual asset value chain and is providing support for industry development.

A policy declaration on virtual asset development has been issued, emphasizing the principle of equal regulations for similar businesses to safeguard investors and ensure compliance with international standards for anti-money laundering and other regulations.

Chen Haolian also highlighted the Hong Kong government’s focus on the advancement of Internet 3.0. Over the past five years, the number of financial technology companies in Hong Kong has grown significantly, with over 800 firms offering a wide range of services, including virtual banking, virtual insurance, and virtual asset transactions. The government enthusiastically welcomes industry participants and professionals to come to Hong Kong.

The Hong Kong Monetary Authority will progressively establish a regulatory framework specifically for stablecoins, aiming to launch it before the end of next year.

The government’s support for the development of the virtual asset industry, as well as its issuance of tokenized green bonds earlier this year, demonstrates its dedication to the industry.