CandleFocus Hong Kong, the Mirror of China, Publishes Future Plans for Cryptocurrencies
2024-10-16
Author: Content Editor
The Hong Kong government has outlined a comprehensive strategy to advance its crypto ecosystem and fintech innovation. It plans to promote Central Bank Digital Currencies (CBDCs), regulate over-the-counter (OTC) trading, introduce legislation for stablecoins, and encourage tokenization technology. The Hong Kong Monetary Authority (HKMA) is actively testing cross-border payment solutions using CBDCs and expanding technology solutions for commercial settlements. The Financial Services and Treasury Bureau (FSTB) is set to complete its second public consultation on regulatory proposals for OTC trading and introduce a licensing regime for virtual asset custody service providers. The HKMA is leading Project Ensemble to explore tokenization and digital currencies for interbank settlement, and has launched a stablecoin sandbox. The HKMA will also launch the Digital Bond Grant Scheme to encourage the adoption of tokenization in capital market transactions.
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