TechFlow news: The Hong Kong Monetary Authority (HKMA) released its "Annual Report 2023" today on its official website, including the financial statements of the Exchange Fund and its "Sustainability Report 2023." The report's section on key priorities and outlook for 2024 includes coverage of crypto assets, particularly stablecoins.
The HKMA noted that a public consultation on the regulation of stablecoin issuers was conducted from December 2023 to February 2024. The HKMA will collaborate with the government to advance related legislative work, continue engaging various stakeholders and monitoring market developments and relevant international discussions during the formulation and implementation of the regulatory regime. In parallel, the HKMA will implement a stablecoin "sandbox" arrangement to facilitate industry dialogue on proposed regulatory requirements and frameworks.
