#Hong Kong is committed to becoming a global hub for virtual assets and Web3 technology, but the transparency of its stablecoin regulatory sandbox has sparked controversy. A Legislative Council member expressed concern about the stablecoin sandbox program recently launched by the Hong Kong Monetary Authority (HKMA), pointing out a lack of transparency in the application process. The government plans to submit draft regulations by the end of the year to implement a regulatory system for stablecoin issuers, while the Hong Kong Stock Exchange is about to launch Asia's first Bitcoin inverse product.

Key Points

- The stablecoin sandbox program launched by the Hong Kong Monetary Authority has been questioned for its lack of transparency.

- Legislative Council members pointed out that the transparency of the application process and the expected official licensing time are unclear.

- The Financial Services Bureau is finalizing regulatory proposals for stablecoin issuers based on early public consultations.

- The government plans to submit draft regulations to the Legislative Council by the end of the year.

- The licensing system for stablecoin issuers will be in line with international standards and include a six-month transition period.

- The Hong Kong Stock Exchange will launch Asia's first Bitcoin inverse product to provide a new short-term trading or hedging tool.

- Lawmakers urged the government to publish a Web3 development roadmap within the year to boost investor confidence. #香港加密货币ETF #香港OTC立法咨询