Hong Kong's HKMA Initiates Trials with Stablecoin Issuers for E-commerce and Trade Settlement
Thursday, 18 July 2024, 10:14
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.