Chairman of the Hong Kong Financial Services Development Council: Stablecoins Should Not Be Speculative Instruments, Tokenization of Various Assets Expected

BlockBeats News, July 20 — According to the Hong Kong Economic Times, on the eve of the Hong Kong “Stablecoin Regulation” coming into effect on August 1, dozens of companies have already expressed their intention to apply for or participate in stablecoin-related businesses. At the annual report press conference, Hong Kong Financial Services Development Council Chairman Laurence Li stated that stablecoins should not become objects of speculation. He emphasized that the digitalization of asset markets is a long-term endeavor, and stablecoins should play a stabilizing role rather than be viewed with short-term perspectives. He believes that Hong Kong’s current pace of development is among the leaders compared to other financial centers.

Laurence Li, who is also the CEO of Standard Chartered’s international business, pointed out that, to his knowledge, the Hong Kong Monetary Authority will only begin accepting issuer applications in August. Stablecoins are just one aspect of the digitalization of Hong Kong’s financial markets, enabling the “tokenization” of transactional currencies. He believes that the next step will be the tokenization of various other assets, but the development process will take time and will not result in Hong Kong becoming fully “tokenized” within 24 hours.