The Hong Kong Monetary Authority (HKMA) has completed a public consultation on stablecoin regulations and aims to introduce clear regulatory guidelines for the stablecoin market by the end of 2024.
Joseph Chan Ho-Lim, Under Secretary for Financial Services and the Treasury of the government of Hong Kong, said that over the past five years, Hong Kong has emerged as a growing destination for fintech firms. Chan added that authorities are actively working to promote the Web3 ecosystem with a focus on investor protection.
