Christopher Hui: HKMA Plans Second Round of Public Consultation on Stablecoins This Year
According to an interview with Hong Kong Financial Secretary Christopher Hui by China Fund News on July 18, 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. They expect to implement regulatory arrangements in the 2023/2024 fiscal year.
According to TuoniaoX.com on July 18, Hong Kong Financial Secretary Christopher Hui revealed in an interview with China Fund News 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. They expect to implement regulatory arrangements in the 2023/2024 fiscal year.
Additionally, Hui stated that Hong Kong's fintech ecosystem now includes over 800 companies, covering businesses in mobile payments, cross-border wealth management, virtual assets, AI financial advisory services, wealth and investment management, and regulatory technology. This includes 8 virtual banks, 4 virtual insurance companies, and 2 licensed virtual asset trading platforms.
Regarding securities markets, Hong Kong launched a widely market-supported specialized technology company listing mechanism in March this year, providing new convenient financing channels for domestic and international companies engaged in cloud services, artificial intelligence, and other specialized technologies, while supporting the nation's core technology research and development.