Hong Kong is poised to unveil its comprehensive Virtual Asset Development Roadmap today, February 19, 2025. This strategic initiative, spearheaded by the Hong Kong Securities and Futures Commission (SFC), aims to delineate the city's approach to virtual assets, encompassing development principles, regulatory expectations, and areas identified for market enhancement. The roadmap is anticipated to provide clarity on the SFC's focus areas, including custody solutions, over-the-counter (OTC) trading, and the regulation of stablecoins.
In tandem with this announcement, Standard Chartered's Hong Kong division has entered into a joint venture with Animoca Brands and HKT to apply for a license from the Hong Kong Monetary Authority. This collaboration aims to issue a Hong Kong dollar-backed stablecoin, leveraging blockchain technology to enhance both domestic and cross-border payment systems.
These developments underscore Hong Kong's commitment to positioning itself as a global hub for digital assets, fostering innovation while ensuring robust regulatory oversight.
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