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Hong Kong, the Mirror of China, Publishes Future Plans for Cryptocurrencies

Hong Kong, the Mirror of China, Publishes Future Plans for Cryptocurrencies

BitcoinsistemiBitcoinsistemi2024/10/16 21:06
By:Mete Demiralp

Hong Kong, a territory of mainland China, has published a document containing new plans on cryptocurrencies.

The Hong Kong Chief Executive’s 2024 Policy Speech, specifically Article 99, outlines a comprehensive strategy to advance the territory’s crypto ecosystem and fintech innovation.

The government plans to promote Central Bank Digital Currencies (CBDCs), regulatory frameworks for over-the-counter (OTC) trading, and tokenization technology, as well as introduce new legislation for stablecoins.

The Hong Kong Monetary Authority (HKMA) is actively testing cross-border payment solutions using CBDCs. As part of the mBridge platform, the HKMA is expanding technology solutions for commercial settlements and increasing participation from both the public and private sectors.

The Financial Services and Treasury Bureau (FSTB) is set to complete its second public consultation on regulatory proposals for OTC trading of cryptocurrencies. It also plans to introduce a licensing regime for virtual asset custody service providers to strengthen the regulatory framework.

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The HKMA is leading Project Ensemble to explore the tokenization of real-world assets and the use of digital currencies for interbank settlement. The initiative aims to develop infrastructure for digital asset trading. The HKMA has also launched a stablecoin sandbox for potential issuers to test their business plans. Working with the FSTB, it will introduce a regulatory bill for fiat-referenced stablecoin issuers later this year.

In order to encourage the adoption of tokenization technology, the HKMA will launch the Digital Bond Grant Scheme. The initiative aims to encourage financial institutions and issuers to utilize tokenization in capital market transactions.

*This is not investment advice.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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