Hong Kongs Stabecoin counting And its continued issuance of digital asset policy gives it a competitive advantage in the race to become the Global Digital Assets Hub, says the City State Finance Secretary, Paul Chan.
In May, Hong Kong legislators passed Stablecoin regulation and becomes the first major economy with an action fully dedicated Stablecoins. It comes into force in August, and according to Chan, it will make Hong Kong a sanctuary for digital asset activity.
“We have also just completed the legislation on Stablecoins, which comes into force on August 1, which makes Hong Kong one of the first jurisdictions in the world to establish a statutory regulation for Stablecoins,” Chan abandoned In his speech at Wealth Management Expo.
Hong Kong’s StableCoin jobs come in the middle of a change in the melody from China, which has been an anti-digital asset for several years. Pan Gongsheng, who spoke at a forum in Shanghai. Global trade And the need for China to keep up.
Stablecoins and others Blockchain innovations “Activates real -time decommissioning at the payment point, transforms basic the traditional payment infrastructure and shortens the cross -border payment chain,” he told the participants.
However, China has not announced any plans to release its digital asset restrictions and leave Hong Kong as a test site for Chinese companies.
Chinese companies are already investigating Stablecoins in Hong Kong. E-commerce giant jd.com (Nasdaq: JD) has been testing A Hong Kong Dollar-supported Stablecoin and entered the second phase of his pilot in May. The company, through its subsidiary in Hong Kong, expects to get a license during the fourth quarter and launch its Stablecoin at the end of the year.
Ant Group, a subsidiary of China’s second largest company after market case, Alibaba (Nasdaq: Babaf), also pursues a Stablecoin license in Hong Kong.
Hong Kong is based on the clarity of the legislation with new political statement
Meanwhile, the city state has Published Yet another political statement that provides more clarity in the regulation of digital access.
Baptized “Policy statement 2.0 on the development of digital assets in Hong Kong,” It introduces the new “leap” frame that doubles on StableCoin and asset tokenization policies. The first policy statement was published in October 2022.
During Leap, the city will reconcile its regulations for all virtual suppliers of asset services (VASP), from exchanges and Stablecoin issuers to guardians and brokers. Securities and Futures Commission (SFC) will lead the licensing of these VASPs, with Hong Kong Monetary Authority (HKMA) accused of the legal monitoring over tokenization of real assets (Rwas).
The new policy also intends to pursue for tokenization, with the government promising to regularly issue tokenized bonds. It will also stimulate market operators to tokenize RWA through clearer laws and expanded market opportunities, such as allowing secondary trading in tokenized stock exchange trained funds (ETF).
Hong Kong will promote the “tokenization of a wider range of assets and financial instruments, which shows the versatility of this technology in various sectors such as precious metals (eg gold) and non-iron metals and renewable energy (eg solar panels),” said Policy statement.
In one of the more influencing proposals for investors, the policy will allow private funds and Family office To require tax relief on profits generated from tokenized securities and digital assets.
The government also promised to collaborate with the academy to strengthen the industry’s talent and welcomed proposals on how it can better support real use of Stablecoins.
“We strive to build a more thriving digital asset ecosystem that will integrate the real economy with social life through a cautious regulatory regime and encouragement for marketing, so that it will provide benefits for both the economy and society while consolidating Hong Kong’s leading position as an international financial center,” commented Chan.
Industry experts found that the new political statement came barely a week after the US Senate passed Genius Actthat establishes a regulatory framework for Stablecoins. According to Andrew FEI, a partner accelerated at King & Wood Malleson’s law firm show That “Global Race for Digital Asset’s innovation is well underway.”
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