TechFlow news — According to the Ming Pao, Financial Secretary Paul Chan said in the latest Budget that the Hong Kong Monetary Authority (HKMA) will soon launch a "sandbox" allowing institutions intending to issue stablecoins to test their issuance processes, business models, investor protection mechanisms, and risk management systems within a controlled environment, as well as engage discussions on future regulatory requirements.
Mr. Chan also stated that the Hong Kong government consulted the public last December on legislative proposals for establishing a regulatory regime for stablecoin issuers, aiming to build a framework that safeguards financial stability while not stifling innovation.
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