The Legislative Council of Hong Kong passes the 'Stablecoin Regulation Draft', Standard Chartered Hong Kong plans to issue a Hong Kong dollar-pegged stablecoin

According to a report by Deep Tide TechFlow, on May 23, the Legislative Council of the Hong Kong Special Administrative Region passed the (Stablecoin Regulation Draft). Standard Chartered Hong Kong's Head of Digital Assets and Financial Technology, Ma Fei, welcomed the passage of the regulation and looks forward to its implementation later this year.

Standard Chartered Hong Kong is collaborating with Anping Group and Hong Kong Telecommunications to establish a joint venture, planning to apply for a license from the Hong Kong Monetary Authority under the new regulatory framework to issue a stablecoin pegged to the Hong Kong dollar. Relevant preparatory work is underway, and more details will be announced in due course.