According to PANews, the Hong Kong Monetary Authority's consultation on legislation to regulate stablecoin issuers will end at the end of this month, and many financial institutions are preparing to submit applications and participate in the sandbox. Among them, First Digital Group issued the US dollar stablecoin FDUSD in Hong Kong last year. It is now traded on 4 virtual asset platforms, with a daily trading volume of more than US$6 billion. Vincent Chok, CEO of First Digital Trust, expects that the regulatory sandbox will accept applications at the end of the month and will submit application documents at that time. At present, the stablecoin is mainly used for virtual asset transactions and will be used for payment in the future. If it is licensed, it will study the issuance of stablecoins in Hong Kong dollars and other currencies. In addition, the financial institution VSFG and Yuancoin, founded by former HKMA President Norman Chan, are also preparing to launch Hong Kong dollar stablecoins.
