According to Foresight News, Eddie Hui, Secretary of Financial Services and the Treasury Bureau of Hong Kong, stated in an interview that the first phase of stablecoin regulation will only issue a small number of licenses. Regarding the possibility of issuing a RMB stablecoin, he said there are currently no restrictions on pegged currencies, but consultation with relevant institutions may be needed if other regional currencies are involved.
Hui pointed out that the government will take the lead in promoting stablecoin applications such as cross-border payments and help developing countries address local currency depreciation and financial system risks. He also revealed that Hong Kong will advance financial asset tokenization, and after green bonds, the next step will be to explore tokenized payment methods for ETFs and commodities like metals.
