Hong Kong To Regulate Stablecoins in 2024, Over 80 Companies Interested

The Secretary for Financial Services and the Treasury, Mr. Christopher Hui, spoke at the Aspen Digital Web 3 Investment Summit about Hong Kong’s vision and strategy for supporting and promoting Web3 technologies and applications. The government is also launching a licensing regime for VA service providers that will commence operation in June 2023. Hong Kong is well-positioned to be a leading hub for Web3 in Asia and beyond, and the government is committed to supporting the virtual asset (VA) and Web3 sectors. Hong Kong’s vibrant fintech ecosystem includes over 800 fintech companies offering innovative and convenient financial services. The government issued the Policy Statement on the Development of VA in Hong Kong last year, setting out the vision and policy direction for the sustainable and responsible development of the VA sector. The government is also launching a licensing regime for VA service providers that will commence operation in June 2023.