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 (UTC+8), Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, stated in an interview that only a small number of stablecoin licenses will be issued in the initial stage. Regarding the issuance of RMB stablecoins, Hui pointed out that the law does not restrict the linked currencies, but if it involves currencies from other regions, it may be necessary to negotiate with relevant institutions. He emphasized that the government will actively promote the application of stablecoins, especially in the field of cross-border payments, to help developing countries cope with currency devaluation and financial risks. Hui also mentioned that Hong Kong will promote the tokenization of financial assets. Following green bonds, the next step will be to expand the target to exchange-traded funds (ETFs) and study token payments for commodities such as metals. (Source: Mlion.ai) [MetaEra]