Mr. Chiu stressed that this initiative is crucial for the technology industry in the next five to ten years. The digital asset industry has made great strides in the past few years, but is still in its infancy. We need to establish a reliable exchange system and introduce legislation regarding stable coins as soon as possible.
Stable coins, a type of #cryptocurrency linked to stable assets such as fiat money, are expected to be introduced in Hong Kong by the end of this year.
According to Chiu, testing of #the sandbox is already underway, and the government intends to improve the supervision and enforcement of laws relating to digital asset financial instruments within 18 months. In the next phase, participants will encourage the creation of innovative financial products in Hong Kong.
n/aThe Hong Kong Monetary Authority (HKMA) recently announced the first participants in the Stable Coin Issuers Sandbox on July 18. The participants included companies associated with major Chinese e-commerce retailers, local fintech companies, Standard Chartered Bank, Animoka Brands and the Hong Kong Telecommunications Coalition.
One of these participants, Jingdong Coinlink Technology Hong Kong Limited, a subsidiary of JD Technology Group, intends to issue stable coins pegged to the Hong Kong dollar (HKD) at a 1:1 ratio. However, the company clarified that participation in the sandbox does not imply approval or a license to issue stable coins.
the planned stablecoin legislation highlights Hong Kong's approach to cryptocurrency finance, which encourages innovation while providing regulatory oversight. On July 23, CSOP Asset Management, one of China's largest asset management companies, launched Asia's first #bitcoin inverse futures. Asia's first inverse bitcoin #MarketDownturn bitcoin futures product launched.
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