Hong Kong's HKMA Initiates Trials with Stablecoin Issuers for E-commerce and Trade Settlement

Thursday, 18 July 2024, 10:14

The Hong Kong Monetary Authority (HKMA) has relaxed regulations regarding stablecoins and kickstarted trials with three industry players. This move aims to explore the applications of stablecoins in e-commerce, trade settlement, and tokenized assets. The final rules are expected to be presented to the Legislative Council (LegCo) within this year, paving the way for future developments in the stablecoin ecosystem in Hong Kong.
South China Morning Post
Hong Kong's HKMA Initiates Trials with Stablecoin Issuers for E-commerce and Trade Settlement

Overview:

The Hong Kong Monetary Authority (HKMA) has announced the selection of stablecoin issuers for trials in various sectors.

Key Points:

  • Trials Initiated: Trials with three industry players have commenced to explore stablecoin applications.
  • Focus Areas: E-commerce, trade settlement, and tokenized assets are key areas of interest.
  • Regulatory Development: Final rules for stablecoin operations are slated for submission to the Legislative Council.

This significant step by HKMA showcases the growing importance of stablecoins in driving financial innovation in Hong Kong.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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