Hong Kong to focus on tokenization and stablecoins moving forward

Hong Kong prioritizes tokenization and stablecoins to stimulate the country’s web3 ecosystem, explains Christopher Hui, secretary to financial services.

According to a southern morning post in China reportSecretary in Hong Kong to financial services and the Treasury Christopher Hui Ching-Yu plans tokenization Being one of the “decisive trends” which, according to him, could transform the traditional financial markets of the country, leading it to a web 3 ecosystem.

Hong Kong has made progress to advance in a cryptographic center, namely by emitting license to virtual asset trading platforms and have enabled companies to issue tokenized investment products. The tokenization allows merchants to gain ownership of active active world by buying tokens on a chain.

Earlier this month, the Hong Kong arm of China Asset Management said it was granted to Hong Kong approval SFC To provide customers with a token monetary market fund to which retail investors can also access. According to the report, the company said the fund will be launched at the end of February.

In August 2024, the monetary authority of Hong Kong spear A sandbox initiative nicknamed “Sandbox of the project set” designed to test and refine the use of tokenized money for interbank establishments and transactions involving tokenized assets.

In March 2024, Hong Kong Shanghai Banking Corporation published its first token gold offer called HSBC Gold token. The product was offered to retail customers in Hong Kong.

Hong Kong prioritizes stablecoins

Christopher Hui has also reaffirmed Hong Kong’s commitment to develop stable fixed to the traditional fiat. This decision is similar to other countries such as UNITED STATESwho increased his emphasis on the drafting of Stablecoin regulations.

In December 2024, Hui presented A bill on differences which would oblige stablecoin issuers that they have reserves equal to the value of stablescoins in circulation on the market. In addition, it gives HKMA power to distribute stablecoin issuer licenses to businesses.

In February. 5, the legislator of Hong Kong Johnny of exhorted The government is starting to create more pro-Crypto initiatives to stimulate its cryptographic industry in the light of Trump’s Pro-Crypto administration. He warned that Hong Kong would be late in the world race to develop the crypto if it did not act quickly.