Hong Kong is forging ahead with a regulatory framework for cryptocurrencies pegged to traditional financial assets.
The city’s Undersecretary for Financial Services and the Treasury, Joseph Chan Ho-lim, says the Hong Kong Monetary Authority is in the process of seeking comments from the public regarding stablecoins and aims to introduce a regulatory framework by the end of 2024.
The crypto community in China is heralding Hong Kong’s increasing policy clarification regarding the nascent asset class.
On June 1, Hong Kong officially set in motion a new crypto regulatory regime in which exchanges must obtain licenses in order to operate in the city.