Xu Zhengyu: The Hong Kong Monetary Authority is drafting a regulatory framework for "stable coins" and plans to conduct a second round of public consultation within this year

Xu Zhengyu, Secretary for Financial Services and the Treasury of Hong Kong, said in the Financial Affairs Committee of the Legislative Council on the development of financial technology and other innovative financial services in Hong Kong that the Financial Secretary of Hong Kong will set up a task force to discuss how to promote the sustainability and responsibility of the Web3 industry development advice. The Hong Kong Monetary Authority (HKMA) is drafting a regulatory framework for "stablecoins" and plans to conduct a second round of public consultation within this year. Xu Zhengyu said that Hong Kong currently has more than 800 financial technology companies, providing different types of innovative and convenient financial services, including mobile payments, cross-border remittances, blockchain, virtual banks, virtual insurance and virtual asset transactions. In addition, the Digital Currency Research Institute of the People's Bank of China and the Monetary Authority launched the second phase of the digital renminbi cross-border payment technology test last year, introducing more Hong Kong banks to participate and adding value to the digital renminbi wallet through "Fast Speed".