Hong Kong Financial Services and the Treasury Bureau's 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, said in an interview that only a small number of stablecoin licenses will be issued in the first phase. Regarding whether a Renminbi stablecoin can be issued, Christopher Hui said that there are no restrictions on the linked 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 local 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 it is believed that commodity trading such as metals can also be studied for payment with tokens. [BlockBeats]