Hong Kong Financial Secretary: "Aiming to Issue Stablecoin Licenses This Year"

The institutionalization of virtual assets (cryptocurrencies) in Hong Kong is expected to accelerate.

According to BlockBeats on the 7th (Korean time), Paul Hui, the Financial Secretary of Hong Kong, stated, "The Hong Kong Monetary Authority (HKMA) is currently consulting with the market on the implementation of regulatory guidelines, and the guidelines are expected to be announced later this month."

He went on to add, "The number of stablecoin (virtual assets linked to the value of fiat currency) licenses issued will remain in the single digits, and we hope to accept applications after the regulations come into effect, targeting license issuance within this year."

Furthermore, regarding whether financial institutions will be able to issue stablecoins pegged to the yuan after obtaining licenses, he explained, "If it involves currencies from other jurisdictions, we will consult with the relevant authorities."