Standard Chartered Hong Kong responds to the progress of the Hong Kong dollar stablecoin: the establishment of a joint venture was announced earlier and relevant preparatory work is being stepped up

Mars Finance News, on May 23, the Hong Kong Special Administrative Region Legislative Council passed the "Stablecoin Ordinance Bill". In response to a reporter's inquiry, Dominic Maffei, Head of Digital Assets and Financial Technology at Standard Chartered Hong Kong, said, "We welcome the Legislative Council's passage of the Stablecoin Ordinance Bill and look forward to the ordinance being formally implemented later this year, while consolidating Hong Kong's position as an international financial center. As previously announced, Standard Chartered Hong Kong is working with Ant Group and Hong Kong Telecommunications to establish a joint venture, hoping to apply to the Hong Kong Monetary Authority for a license under the new regulatory framework to issue a stablecoin pegged to the Hong Kong dollar. With the relevant bill now passed, we are intensifying our preparatory work and will announce more details at the appropriate time." (Jinshi)