Hong Kong Secretary for Financial Services and the Treasury Christopher Hui: Only a small number of stablecoin licenses will be issued in the first phase

On July 13, 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 first phase. Regarding the possibility of issuing a Renminbi stablecoin, Christopher Hui stated that there are no restrictions on 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 stablecoin applications, 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. [BlockBeats]