Several subsidiaries of Chinese investment managers in Hong Kong are preparing to launch stablecoin businesses in the city, following the implementation of new regulations governing digital assets next month, according to a report by China Securities Journal on Friday.
A subsidiary of China Asset Management in Hong Kong has participated in the city's regulatory sandbox program, which includes the issuance of stablecoins, payments, asset linking, and fund redemption.
The company has also collaborated with the Hong Kong Monetary Authority and other major financial institutions on blockchain-based payments, trading of tokenized funds, and comprehensive fund trials.
Clients of Guotai Junan International Holdings will be able to trade virtual assets, including Bitcoin, stablecoins, and other virtual assets on their platform, following a license upgrade approved by the Hong Kong securities regulator.
Other Chinese investment manager subsidiaries in Hong Kong have also expanded their virtual asset teams, focusing on the design and issuance of products related to virtual assets.
