Hong Kong focuses on tokenization and stemblechoins moving forward

Hong Kong will provide priorities that the tokenization and stablecoine will increase the country’s web ecosystem, says the Secretary of Financial Services, Christopher Hui.

According to the South China’s Morning Mail reportThe Hong Kong Secretary for Financial Services and Treasury Christopher Hui Ching considers tokenization To be one of the “defined trends” that believes that it can transform traditional financial markets in the country, drive it in the Web3 ecosystem.

Hong Kong advanced to improve in advance in crypto hub, namely the issuance license to the virtual asset trading platforms and enabled companies to issue tokenized investment products. Tokenization allows merchants to obtain property of property in the real world by purchasing a token on the chain.

Earlier this month, Hong Kong’s Hand Management Hand Managa said that the approval of Hong Kong’s approval SFC To offer customers tokenized fund for money money that retail investors can also access. According to the report, the company stated that the Fund will be initiated at the end of February.

In August 2024. year, Monetary Administration Hong Kong launched The Sandbox of the Initiative called the “Project Ensemble Sandbox” designed to test and use the use of tokenized money for interbank settlements and transactions involving tokenized assets.

In March 2024. year, the Banking Corporation Hong Kong Shanghai issued its first tokenized gold called HSBC Gold token. The product was offered to retail customers in Hong Kong.

Hong Kong Priority StableCoins

Christopher Hui also confirmed the commitment of Hong Kong development Stablecoins united for a traditional Fiat. Move is similar to other countries like United Stateswho have increased the focus on the preparation of the regulations on StableCoin.

In December 2024, Hui introduced The Law on Stablecoin who would require the issuers of StableCoin to possess reserves of the same value of circulating stablecoin in the market. In addition, it allows HKMA power supply to distribute stateless licenses to companies.

5. February, Hong Kong Lavmaker Johnny Ng invited The government will start creating several pro-crypto initiatives to strengthen its crypto industry in the light of Trump PRO-CRIPTO Administration. He warned that Hong Kong would be behind in the global race to develop crypto if it was not acted quickly.