TechFlow news, May 23 — According to Jinshi Data, the Legislative Council of the Hong Kong Special Administrative Region has passed the Draft Stablecoin Ordinance. In response to media inquiries, Dominic Maffei, Head of Digital Assets and Fintech at Standard Chartered Hong Kong, said, "We welcome the Legislative Council's passage of the Draft Stablecoin Ordinance and look forward to its formal implementation later this year, which will help reinforce Hong Kong's position as an international financial center. As previously announced, Standard Chartered Hong Kong is partnering with ANI Group and Hong Kong Telecom to establish a joint venture, aiming to apply to the Hong Kong Monetary Authority for a license under the new regulatory framework to issue a Hong Kong dollar-pegged stablecoin. With the draft now approved, we are accelerating our preparatory work and will share further details in due course."
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