Hong Kong Monetary Authority: Crypto assets (especially stablecoins) are one of the key work priorities in 2024

Hong Kong Monetary Authority The official website of the Hong Kong Monetary Authority (HKMA) today released the "2023 Annual Report", which includes the financial statements of the Exchange Fund and its "2023 Sustainability Report". Crypto assets (especially stablecoins) are included in the 2024 work priorities and outlook of the annual report. The HKMA pointed out that the public consultation on the regulation of stablecoin issuers will be conducted from December 2023 to February 2024. The HKMA will work with the Government to advance the relevant legislative work, and will continue to communicate with different stakeholders when formulating and implementing the relevant regulatory system, and pay attention to market developments and relevant international discussions. At the same time, the HKMA will implement the stablecoin "sandbox" arrangement to promote exchanges of views with the industry on the proposed regulatory system and requirements, and enhance the robustness of non-bank financial intermediaries, crypto assets and financial innovation. The HKMA will focus on virtual asset-related products, etc., and will refer to the latest market developments and revisions to international standards in the relevant process. In order to promote the sustainable and responsible development of the virtual asset industry, the HKMA will continue to work with the Government and other regulatory agencies to ensure that a robust, comprehensive and balanced regulatory framework is formulated for the virtual asset industry.