TheHongKongChiefExecutive’s2024PolicySpeech,specificallyArticle99,outlinesacomprehensivestrategytoadvancetheterritory’scryptoecosystemandfintechinnovation.
ThegovernmentplanstopromoteCentralBankDigitalCurrencies(CBDCs),regulatoryframeworksforover-the-counter(OTC)trading,andtokenizationtechnology,aswellasintroducenewlegislationforstablecoins.
TheHongKongMonetaryAuthority(HKMA)isactivelytestingcross-borderpaymentsolutionsusingCBDCs.AspartofthemBridgeplatform,theHKMAisexpandingtechnologysolutionsforcommercialsettlementsandincreasingparticipationfromboththepublicandprivatesectors.
TheFinancialServicesandTreasuryBureau(FSTB)issettocompleteitssecondpublicconsultationonregulatoryproposalsforOTCtradingofcryptocurrencies.Italsoplanstointroducealicensingregimeforvirtualassetcustodyserviceproviderstostrengthentheregulatoryframework.
TheHKMAisleadingProjectEnsembletoexplorethetokenizationofreal-worldassetsandtheuseofdigitalcurrenciesforinterbanksettlement.Theinitiativeaimstodevelopinfrastructurefordigitalassettrading.TheHKMAhasalsolaunchedastablecoinsandboxforpotentialissuerstotesttheirbusinessplans.WorkingwiththeFSTB,itwillintroducearegulatorybillforfiat-referencedstablecoinissuerslaterthisyear.
Inordertoencouragetheadoptionoftokenizationtechnology,theHKMAwilllaunchtheDigitalBondGrantScheme.Theinitiativeaimstoencouragefinancialinstitutionsandissuerstoutilizetokenizationincapitalmarkettransactions.
*Thisisnotinvestmentadvice.
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