Chen Haolian, head of the Hong Kong Bureau of Financial Services and Treasury, stated that consultations are being held for the stablecoin’s launch.
These days when the crypto industry is going through tough times, crypto moves are starting to come from Asia. According to many commentators, crypto has started to shift from the US to Asia. Hong Kong, in particular, has attracted attention with its crypto initiatives.
Chen Haolian, Deputy Director of the Hong Kong Financial Services and Treasury Bureau, stated that they plan to start crypto regulation work by the end of next year. In addition, Haolian noted that consultations were also held for the stablecoin.
Hong Kong is ‘Net’ in Crypto Studies
Hong Kong is firmly advancing its work on Web3 and digital assets. An important factor in the shift of crypto to Asia, Hong Kong is attracting attention especially with its regulation and stablecoin studies.
Chen Haolian, Deputy Director of the Hong Kong Financial Services and Treasury Bureau, made statements about the work in the city-state. Referring to crypto startups in the special administrative region, Haolian gave the message that they are focusing on Web3 development.
Haolian explained that consultations are ongoing for the launch and development of the Hong Kong-owned stablecoin. The executive also said that digital asset regulations will be introduced by the end of next year. In Haolian’s statements, it seems that Hong Kong has taken a clear stance on digital transformation.
Speaking at an event, Haolian underlined that the industry is developing steadily in Hong Kong.
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