According to Foresight News, the Hong Kong Monetary Authority (HKMA) released its 2023 Annual Report on its official website today, which includes the financial statements of the Exchange Fund and its 2023 Sustainability Report. Crypto assets (especially stablecoins) are included in the 2024 work priorities and outlook sections of the annual report.
The HKMA pointed out that the public consultation on the regulation of stablecoin issuers will be conducted from December 2023 to February 2024. The HKMA will work with the government to advance the relevant legislation, and will continue to communicate with different stakeholders when formulating and implementing the relevant regulatory system, and pay attention to market developments and relevant international discussions. At the same time, the HKMA will implement the stablecoin "sandbox" arrangement to facilitate exchanges of views with the industry on the proposed regulatory system and requirements.
