According to the Hong Kong Wen Wei Po, PANews reported on March 29 that Eddie Chan, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), stated that they are establishing a regulatory framework for stablecoin issuance to lay the foundation for the cryptocurrency ecosystem's development. Hong Kong is making good progress in stablecoin development, with related legislation currently under review in the Legislative Council, and they hope to pass it in the coming months. The HKMA is carefully examining potential operational risks of stablecoins, including reserve asset management, liquidity, and anti-money laundering (AML), to ensure that licensed issuers can effectively manage risks and maintain sustainable business models.

Chan also mentioned that Hong Kong has long established a roadmap for virtual asset development, with clear division of responsibilities between the authority and the Hong Kong Securities and Futures Commission, aiming to develop Hong Kong into a leading cryptocurrency center. In recent years, Hong Kong has been developing central bank digital currency (CBDC), believing that CBDC can facilitate more efficient and low-cost cross-border payments and help explore the potential of tokenization.