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

According to AASTOCKS, the Secretary for Financial Services and the Treasury of Hong Kong, Patrick Hui, stated that the Hong Kong Monetary Authority has issued stablecoin issuer licenses to two institutions with banking backgrounds in April this year. The 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 deposit their reserve assets in Hong Kong banks and invest in qualified assets such as bank deposits and high-quality, high liquidity bonds. The government and the Securities and Futures Commission will submit a bill to the Legislative Council this year to establish a more comprehensive regulatory system for virtual asset trading, custody, advisory and management services.