Foresight

Stablecoin

2024

Bitcoin

Standard

Hong Kong is gearing up to enhance its digital asset regulatory framework within the next 18 months, signaling a major stride in the city’s ongoing plan to become a global hub for fintech.
During the Foresight 2024 annual summit, David Chiu, member of the Legislative Council of the Hong Kong Special Administrative Region, <a href="https://foresightnews.pro/foresight2024" rel="noopener noreferrer nofollow">outlined</a> the city’s strategic vision during the summit. Chiu stated that strengthening the digital asset framework is not just a short-term goal but a critical component of Hong Kong’s long-term strategy for technological advancement.
<h2 id="span-style-font-weight-400-upcoming-stablecoin-regulations-span">Upcoming Stablecoin Regulations</h2>
“The digital asset industry has made significant progress in the past few years, but we are still in a very early stage,” Chiu remarked. He stressed the importance of establishing a robust exchange system and hinted at upcoming legislation specifically tailored to stablecoins—a form of cryptocurrency that is pegged to stable assets such as fiat currencies.
Chiu pointed out that sandbox tests—controlled environments where new products or services can be tested—have already been conducted. Over the next year and a half, the government plans to ramp up supervision and enforcement of digital asset-related legislation, laying the groundwork for further innovation in financial products.
<h3 id="span-style-font-weight-400-sandbox-participants-span">Sandbox Participants</h3>
The Hong Kong Monetary Authority (HKMA) has taken proactive steps toward integrating stablecoins into the financial ecosystem. On July 18, the <a href="https://thecoinrise.com/hong-kong-unveil-its-stablecoin-issuer-sandbox-participants/" rel="noopener noreferrer nofollow">HKMA announced the first participants in its stablecoin issuer sandbox</a>, a pivotal initiative aimed at testing and refining the regulatory framework for these digital assets.
Among the participants are a local fintech firm, a coalition including Standard Chartered Bank, Animoca Brands, and Hong Kong Telecommunications, and Jingdong Coinlink Technology Hong Kong Limited—a subsidiary of the Chinese e-commerce giant JD Technology Group.
This planned stablecoin legislation is part of Hong Kong’s broader strategy to maintain its competitive edge in the global financial market.
<h2 id="span-style-font-weight-400-pro-crypto-fintech-span">Pro-Crypto Fintech</h2>
Hong Kong’s commitment to becoming a leading fintech hub is further evidenced by recent developments in its financial markets. Earlier this year, the government <a href="https://thecoinrise.com/bitcoin-etf-hong-kong-spot-offerings-see-11-2m-in-volume/" rel="noopener noreferrer nofollow">approved a bunch of spot Bitcoin and Ether exchange-traded funds</a> (ETFs) in the city. Moreover, on July 23, CSOP Asset Management, one of China’s largest asset managers, launched Asia’s first Bitcoin BTC futures inverse product in Hong Kong.&nbsp;
Recently, Hong Kong’s pro-crypto legislator <a href="https://thecoinrise.com/hong-kong-lawmaker-johnny-ng-advocates-for-bitcoin-in-financial-reserves/" rel="noopener noreferrer nofollow">Johnny Ng suggested the government include Bitcoin</a> into the financial reserves of the SAR.
The post <a href="https://thecoinrise.com/hong-kong-moves-to-strengthen-digital-asset-regulation-by-2025-end/" rel="noopener noreferrer nofollow">Hong Kong Moves to Strengthen Digital Asset Regulation by 2025-End</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Hong Kong Moves to Strengthen Digital Asset Regulation by 2025-End

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