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

On July 13, Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, stated in an interview with i-CABLE Finance Channel's "Wealth Wise" that only a limited 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 consult 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. [Deep Tide TechFlow]