Hong Kong Treasury Secretary: The draft of the Stablecoin and Virtual Asset OTC Trading Services Ordinance will be submitted to the Legislative Council

When introducing the expenditure budget and work priorities for 2024-25, Mr Hui Ching-yu, Secretary of the Hong Kong Treasury Bureau, said that the first phase of the cross-border digital currency network (mBridge) for multiple central banks is expected to be launched this year, taking the lead in using multiple central bank digital currencies as a cross-border network. Settlement of corporate cross-border transactions. "Digital RMB" will also expand the pilot scope in Hong Kong to further improve cross-border payment efficiency and user experience. In terms of virtual assets, a series of tasks are being promoted to strengthen supervision to promote the sound and responsible development of Hong Kong’s virtual asset market. Specifically, the Hong Kong Monetary Authority launched a stablecoin sandbox in March this year to allow institutions interested in issuing stablecoins to conduct testing within a controllable range. It has also conducted public consultation on the supervision of fiat currency stablecoin issuers and virtual asset over-the-counter trading services. The opinions and suggestions received are being considered. Depending on the progress of the preparatory work, a bill will be submitted to the Legislative Council as soon as possible. (Caihua News Agency)