Hong Kong Monetary Authority President Eddie Yue: Supervising stablecoins can help maintain financial stability

Eddie Yue, President of the Hong Kong Monetary Authority (HKMA), said that stablecoins are widely connected with the mainstream financial system and daily commercial activities, and the introduction of supervision can help maintain financial stability and promote the orderly and sustainable development of the industry. Virtual assets have entered the mainstream investors' attention, and the SAR government and regulatory agencies have accelerated the launch and improvement of relevant regulatory mechanisms. The Hong Kong Monetary Authority published the "Conclusions of the Discussion Paper on Crypto-Assets and Stablecoins" at the beginning of this year. Based on feedback from the industry, it is bringing stablecoin-related business activities into supervision. Regulation and market development are complementary and mutually reinforcing. The virtual asset industry has experienced crises due to insufficient self-monitoring and incorrect use of customer assets. However, virtual assets have now attracted the attention of mainstream investors. Therefore, the SAR government and regulatory agencies The introduction and improvement of relevant regulatory mechanisms have been accelerated. The Hong Kong Securities and Futures Commission can supervise virtual asset trading platforms through this system. At the same time, the platforms also need to comply with anti-money laundering and anti-terrorist financing rules, and banks can provide more distribution of investment and financial products by cooperating with licensed platforms. channel. (China News Network)