Hui Zhengyu: Hong Kong regulated stablecoins are expected to be launched gradually from mid-year to the second half of the year

Foresight News reported, citing AASTOCKS, that Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, stated in a response to the Legislative Council that the Hong Kong Monetary Authority had issued stablecoin issuer licenses to two institutions with banking backgrounds in April this year. Regulated stablecoins issued by these institutions are expected to be launched gradually from mid-year to the second half of the year. Licensed issuers are required to keep reserve assets in Hong Kong banks and invest in qualified assets such as bank deposits and high-quality, highly liquid bonds. In addition, the government and the Securities and Futures Commission will submit a bill to the Legislative Council within the year to establish a more comprehensive regulatory regime for virtual asset trading, custody, advisory, and management services.