According to one lawmaker, Hong Kong expects to have stablecoin regulations released by 2024. Specifically, Duncan Chiu has said that the project regime is in the midst of its second consultation. Subsequently, the regulations are expected to emerge in the middle of next year.
Speaking at a form that took place in Shanghai, Chiu reported the progress that the process has seen thus far. Moreover, Chiu reiterated their plans to eventually establish itself as a Web3 hub. Therefore embracing a position opposing its neighbor on China’s mainland.
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Hong Kong Stablecoin Regulation Arriving in 2024?
The stablecoin market has long been an important aspect of the digital asset industry. A virtual asset pegged to a fiat currency like the US dollar provides less risk than traditional crypto. Moreover, they have begun to be greatly embraced as adoption increases.
Now, Hong Kong has reaffirmed that the arrival of stablecoin regulation is expected in 2024. Expressly, Hong Kong lawmaker Duncan Chiu has stated his expectation for its release at the midpoint of next year. Subsequently, the regime is in the midst of its second round of consultations, according to The Block.
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Speaking in Shanghai, Chiu once again stated the hopes for the region’s development into a Web3 center. Moreover, it distances itself from mainland China, which imposed a digital asset ban this year. Conversely, June, saw Hong Kong as a crypto licensing regime. Therefore exchanges begin offering retail services to customers in the region.
Subsequently, August saw the Hong Kong government begin to experiment with the release of its own stablecoin. Specifically, it noted interest in developing its own version of the USDT or USDC based on industry recommendations. Additionally, those noted that allowing private institutions to issue stablecoins may not be enough. Still, Hong Kong has affirmed the timeline.