The Financial Services Secretary, Christopher Hui says, Hong Kong will prioritize tokens and stabechoin in promoting the country’s web 3 ecosystem.
According to South China Morning Post ReportHong Kong Secretary for Financial Services and Treasury Christopher Ching-U tokens are considered one of the “defined trends”, which he believes that he can change the traditional financial markets of the country, it runs into the web 3 ecosystem Can
Hong Kong has progressed to pursue itself in a crypto hub, ie it is possible to issue token investment products through issuing licenses for virtual asset trading platforms and for companies. Tokenification allows traders to obtain ownership of real-world assets through purchasing on-chant tokens.
Earlier this month, Hong Kong Arm of China Asset Management said that customers from Hong Kong SFC were approved to offer a token money market funds that could also access retail investors. According to the report, the company said that the fund would be launched in late February.
In August 2024, Hong Kong Monetary Authority launched a Sandbox initiative, called “Project Ensambal Sandbox”, which is to test and refine the use of token money for transactions related to interbank settlements and tokens. Is designed for.
In March 2024, Hong Kong Shanghai Banking Corporation released its first token gold offer, called HSBC Gold Token. The product was introduced to retail customers in Hong Kong.
Hong Kong gives priority to Stabecoin
Christopher Hui confirmed the commitment to develop stabilcoins for traditional fiat in Hong Kong. This step is similar to other countries like the United States, which have focused on drafting Stabecoin rules.
In December 2024, HUI introduced a Stabelcoin Bill, requiring Stabeloin issuers equal to the value of stabechoin in the market. Additionally, it gives HKMA power to distribute stablecoin issuer license to companies.
On 5 February, Hong Kong lawmaker Johnny NG urged the government to launch a more supporter-crypto initiative to promote his crypto industry in light of Pro-Crypto administration of Trump. He warned that Hong Kong would fall back into the global race to develop Crypto if it does not work rapidly.
