Hong Kong Monetary Authority Chen Jiaqi: Hong Kong should establish a suitable regulatory system to support the sustainable and responsible development of virtual assets including stable coins

Foresight News reported on the spot that at the "2023 Hong Kong Web3 Carnival", Chen Jiaqi, Assistant President (Money Management) of the Hong Kong Monetary Authority, said in his keynote speech, "We not only shoulder the role of regulators of the virtual asset industry, but also actively promote the industry. Development. We hope to work together in an open, mutually beneficial and win-win manner to promote the development of Web3. Innovation should benefit everyone, from cryptocurrency native companies, innovators to end users, etc. Therefore, while realizing the potential of Web3, it is also necessary to complement Mitigate risks with corresponding regulation. As regulators, we have witnessed the rise of Web3-related technologies and the trend of virtual assets, but at the same time, we have also noticed the challenges and risks brought about by innovation, so ensuring the safety and stability of related products and services is important for It is very important for us. In terms of regulating stablecoins, considering the market's expectations for stablecoins as a medium of exchange, the importance of requiring stablecoins to establish a credible and robust "value stability" mechanism, and the potential impact of stablecoins on daily economic activities , and stable currency may become a risk transmission medium between the traditional financial market and the virtual asset ecosystem, etc., the HKMA is continuing the follow-up work, hoping to establish a suitable regulatory arrangement for stable currency. We will work with relevant government departments and other Regulatory agencies, international regulatory organizations and the industry maintain communication to actively promote the sustainable and responsible development of the industry." "Web3 Festival" is a Web3 event brand jointly launched by Wanxiang Blockchain Lab and HashKey Group , hosted by W3ME. This year's "Web3 Carnival" will last from April 12 to April 15, and will focus on the core issues of various Web3 tracks such as regulatory policies, Web3 infrastructure, and Metaverse.