Hong Kong Monetary Authority: The stablecoin bill is currently under review in the Legislative Yuan, with the goal of developing Hong Kong into a leading cryptocurrency hub

According to Hong Kong Wen Wei Po, the Vice President of the Hong Kong Monetary Authority, Chan Wai Man, stated that a regulatory framework is being established for the issuance of stablecoins, laying the foundation for the development of the cryptocurrency ecosystem. Hong Kong is making good progress in the development of stablecoins, and relevant bills are currently being reviewed by the Legislative Council, with hopes of passing them in the coming months. The Hong Kong Monetary Authority is carefully examining the potential operational risks of stablecoins, including managing reserve assets, liquidity, and anti money laundering (AML), to ensure that licensed issuers can effectively manage risks and achieve sustainable business models. Chen Weimin also stated that Hong Kong has already formulated a roadmap for the development of virtual assets, and the authorities and the Hong Kong Securities and Futures Commission have clear division of labor, with the goal of developing Hong Kong into a leading cryptocurrency center. In recent years, Hong Kong has developed a central bank digital currency (CBDC), believing that CBDC can promote more efficient and low-cost cross-border payments, help promote cross-border trade, and explore the potential of tokenization.