Standard Chartered Hong Kong responds to the progress of the Hong Kong dollar stablecoin: it previously announced the establishment of a joint venture company and is intensifying related preparations

On May 21st, the Legislative Council of the Hong Kong Special Administrative Region passed the "Stablecoins Bill". In response to inquiries from 21st Century Business Herald reporters, Dominic Maffei, the head of digital assets and fintech at Standard Chartered Hong Kong, stated, "We welcome the passage of the Stablecoins Bill by the Legislative Council and look forward to its formal implementation later this year, while consolidating Hong Kong's position as an international financial center. As previously announced, Standard Chartered Hong Kong is partnering with Anson Group and Hong Kong Telecom to establish a joint venture company, hoping to apply for a license from the Hong Kong Monetary Authority to issue stablecoins pegged to the Hong Kong dollar under the new regulatory system. With the passage of the relevant bill, we are intensifying our preparations and will announce more details in a timely manner