Stablecoin: Hong Kong to roll out regulation in 2024

While a licensing system for crypto businesses is expected to emerge this year, Hong Kong plans to set up rules for the stablecoins current 2024.

At the conference Aspen Digital Web 3 Investment Summitthe Secretary of the Treasury of Hong Kong reported that more than 80 crypto companies had shown interest in setting up in the city-state.

“The policy statement has been well received by the industry. By the end of February, Invest Hong Kong had received interest from more than 80 mainland and foreign digital asset-related companies to establish their presence in Hong Kong. These companies included exchanges, infrastructure companies, security companies, wallets and payment companies,” said Christian Hui.

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Last fall, the Hong Kong government announced its intention to set up a crypto-friendly environment. A licensing system will be launched next June. Last week, the French company Kaiko announced it was moving its Asian unit to Hong Kong. For its CEO, the new regulatory environment unveiled by the government should attract capital.

Hong Kong is well positioned to be a leading hub for Web3 in Asia and beyond,” Hui recalled in her speech.

The politician added that the Hong Kong Monetary Authority was working on a regulation for stablecoins with the ambition to implement it in 2024.

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Since the spring 2022 collapse of the TerraUSD, a stablecoin with a large market capitalization, regulators around the world are becoming active around the regulation of this type of token.

“On the other hand, we are working with the mainland to test the use of digital renminbi to make cross-border payments in Hong Kong […] We are also looking at issues related to a possible issue of e-dollar in Hong Kong,” Hui said.

The executive also said that $50 million would be made available to accelerate the development of the Web3 ecosystem in Hong Kong, including through the organization of large dedicated events.

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