25 April, 2024

Hong Kong Hopes To Introduce Stablecoin Regulations By Next Year

19 Sep, 2023

28 Nov, 2023

  • Hong Kong politician Duncan Chiu believes that regulations for stablecoins could be unveiled in mid-2024. 
  • Lawmakers in Hong Kong are currently engaged in the second round of consultation for stablecoin regulations. 
  • Chiu’s comments came during the 2023 Shanghai Blockchain International Week. 

Hong Kong lawmaker Duncan Chiu recently stated that a regulatory regime for stablecoins could be introduced by mid-2024. According to Chiu, politicians in Hong Kong were engaged in the second round of consultation for stablecoin regulation and issuance guidance. The lawmaker’s comments came during the 2023 Shanghai Blockchain International Week. 

According to a report by local media, the blockchain summit was attended by several notable personalities from Hong Kong, including Legislative Council member Qiu Dagen, CEO of Hong Kong Cyberport Management Ren Jingxin, and Chairman of Wanxiang Blockchain Xiao Feng. Feng told the press that the next three years would be crucial for large-scale applications of blockchain and web3. 

Chiu added that the clarity surrounding stablecoin regulations in Hong Kong would attract crypto firms to the region to issue stablecoins. According to the lawmaker, the presence of leading stablecoin firms would aid the issuing of the digital Hong Kong Dollar (HKGD), and enable asset tokenization in the city-state. 

Speaking on the state of blockchain infrastructure in Hong Kong, Feng stated:

Because the technical framework of blockchain is gradually based on maturity, the subsequent performance improvement requires specific measures. Scenarios can bring about greater changes, and product polishing needs to be combined with demand.

Qiu Dagen, a member of the Legislative Council of the Hong Kong Special Administrative Region, delivered a keynote speech titled “Steadily Promoting the Sustainable Development of Web3 in Hong Kong.” In his speech, Dagen stated that following the licensing of crypto operators, the next step was to explore the crypto jobs offered by the industry and differentiate between professional and retail investors. 

Earlier this year, Chiu addressed a crowd at the Hong Kong Foreign Correspondents Club, where he indicated that the city-state could accommodate an additional 1,000 web3 startups. The lawmaker stated that it was important to build infrastructure, attract talent, and invest in order to position Hong Kong as a crypto hub


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