Christopher Hui: Stablecoin licenses to be issued in limited quantities in the first phase; tokenization of financial assets to be extended to ETFs

Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, stated in an interview with Cable News' "Wealth Wise" that only a small number of stablecoin licenses will be issued in the first phase. Regarding the possibility of issuing RMB stablecoins, he said that the law does not restrict the pegged currency, but if it involves other regional currencies, it may be necessary to discuss with relevant institutions.

Christopher Hui emphasized that the government will take the lead in promoting the application of stablecoins, especially focusing on cross-border payment scenarios, to help developing countries cope with currency devaluation and financial system risks. He also revealed that Hong Kong will promote the tokenization of financial assets in the future. Following green bonds, the next step is expected to extend to exchange-traded funds (ETFs), and he believes that commodity trading such as metals can also be studied for payment with tokens. [ChainCatcher]