Written by: Blockchain Headlines

Recently, the Vice President of the Hong Kong Monetary Authority, Chen Weimin, attended the HSBC Global Investment Summit and stated that Hong Kong, as a pioneer in the licensing system for stablecoins, must develop cautiously. The Monetary Authority has set quite high thresholds for itself and prefers to start prudently with "learning to walk before running".

He revealed that authorities took about six months to review the first batch of 36 applications, ultimately granting licenses to only two applicants, emphasizing the need to ensure that issuers have viable business use cases and comprehensive risk management capabilities.

Chen Weimin pointed out that Hong Kong just issued its first two stablecoin issuer licenses last week. As a pioneer, each application must be reviewed against legal standards to ensure that issuers meet the requirements. More importantly, he hopes that license holders will have viable use cases, sustainable business development, and create value for enterprises and individuals. At the same time, license holders must possess the ability to manage various risks, including maintaining the peg and stability mechanism, reserve management, private key security, anti-money laundering, and operational risks.

He stated that Hong Kong is simultaneously experimenting with three paths: central bank digital currency (CBDC), tokenized deposits, and stablecoins. The final form of future currency is still unknown, but he hopes to ensure that all three paths are explored, while believing that ultimate trust will still be based on sovereign central bank currencies. On this basis, tokenized deposits can be developed as commercial bank currencies, while stablecoins, supported by fiat currency, will further facilitate adoption by the younger generation. However, the underlying trust must still rely on sovereign currencies.

Chen Weimin believes that regulation related to digital assets will become clearer. Regulatory agencies in various jurisdictions, such as Europe, the United States, and Asia, are gradually establishing frameworks, and a consensus is forming—that digital assets must be regulated. He pointed out that the regulatory role, in addition to collaborating with private institutions to promote industry development, must also identify and intervene in risks early.

Chen Weimin introduced the Hong Kong Monetary Authority's Ensemble project, which brings together stakeholders such as banks, regulatory agencies, infrastructure, and technology companies to identify pain points, solutions, and risks in the financial system. Currently, 20 use cases have been reviewed, and private institutions play a very important role in shaping the regulatory framework and ecosystem.

Valerie Urbain, CEO of the European Clearing Bank, present at the event, stated that this year is a key year for the digital asset field to move out of the "concept" phase and enter larger-scale experimentation. The bank is collaborating with the French central bank to promote the tokenization of euro commercial paper. She emphasized that to move toward the next stage and drive market transformation, cooperation must be strengthened to promote further development of tokenization and digital assets. However, she also noted that achieving a balance between ensuring market stability and promoting innovation is not easy, which is an issue that European regulators often focus on.

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