Hong Kong Aims To Submit Stablecoin Issuer Regulations By Year-End

According to Odaily, the Hong Kong government plans to submit a regulatory framework for stablecoin issuers to the Legislative Council by the end of the year. This move has garnered interest from major international stablecoin issuers. Jeremy Allaire, co-founder and CEO of Circle, the issuer of the world's second-largest stablecoin USDC, stated that Hong Kong is a significant market for USDC. Circle is considering hiring more staff and establishing operations in Hong Kong, pending the release of the new stablecoin regulations to understand the requirements before applying for a license. Additionally, Chen Qinqi, Vice President of Circle Asia-Pacific, highlighted several advantages of developing stablecoins in Hong Kong. These include the ability to achieve same-day USD settlement, being the largest capital market in the Asia-Pacific region, and the proximity to the mainland market. Chen believes that Hong Kong has the potential to become an international stablecoin hub and anticipates significant market demand for a Hong Kong version of stablecoins.