Xu Zhengyu: In the first phase, a small number of stablecoin licenses will be issued, and the tokenization of financial assets is expected to be extended to ETFs

According to a report by Cable News, Hong Kong's Secretary for Financial Services and the Treasury, Eddie Hui, stated in an interview that only a small number of stablecoin licenses will be issued in the first phase. As for whether RMB stablecoins can be issued, he said that the law does not restrict the pegging of currencies, but if it involves currencies from other regions, it may need to be discussed with relevant institutions. The government has released the Digital Asset Development Policy Declaration 2.0, which also suggests promoting the "tokenization" of financial assets. Xu Zhengyu stated that Hong Kong has experience in issuing token green bonds, and the next step is to extend it to exchange traded funds (ETFs). He also believes that the trading of metals and other commodities can also be studied using token payments.