Lee Ka-chiu: Hong Kong is implementing the stablecoin issuer system

PANews reported on September 17th that, according to a Shanghai Securities News report cited by Jinshi, Hong Kong Chief Executive John Lee stated in his fourth Policy Address that the Hong Kong Monetary Authority (HKMA) will encourage commercial banks to launch tokenized deposits and promote the trading of real tokenized assets. Examples include using tokenized deposits to settle tokenized money market funds, assisting the government in regularizing the issuance of tokenized bonds, and encouraging banks to strengthen risk management through a regulatory sandbox. Lee also stated that Hong Kong is implementing a stablecoin issuer regime and formulating legislative proposals for a licensing system for digital asset trading and custody services. The Securities and Futures Commission (SFC) is exploring expanding the types of digital asset products and services available to professional investors while ensuring adequate investor protections. The SFC is also strengthening international tax cooperation to combat cross-border tax evasion.