What is China's stance?

While Hong Kong pushes forward in developing its virtual asset sector, Beijing has given no indication that it would loosen its tight scrutiny of cryptocurrencies on the mainland, where it still maintains a crackdown on a range of cryptocurrency businesses.

However, as the US opens its arms to cryptocurrencies, experts from industry and academia have started to voice their concerns about China's rigid control of the sector, warning that the country risks falling behind in the rapidly evolving fintech field.

Most recently, Zhang Ming, a deputy director at the Institute of Finance and Banking under the state-run Chinese Academy of Social Sciences, wrote in an article that the growth of US dollar-pegged stablecoins could "strengthen US dollar hegemony", and he suggested that China should move to build its own yuan stablecoins to boost the global status of the renminbi. The article was published in March by Study Times, a journal run by the Chinese Communist Party's Central Party School.

Who are the emerging players in Hong Kong?

Hong Kong's new regime for stablecoins has drawn responses from several companies in the city and on the Chinese mainland.

In July, the HKMA announced a list of companies that were admitted to a sandbox for stablecoin trials. These included Jingdong Coinlink Technology, a subsidiary of Chinese e-commerce giant JD.com, which aims to build "a global, efficient, reliable and stable payment infrastructure", according to its website.

Other sandbox participants include RD InnoTech, a local start-up founded by Hong Kong's former central banker Norman Chan Tak-lam.

Standard Chartered Bank's Hong Kong arm, Hong Kong blockchain gaming firm Animoca Brands, and Hong Kong Telecommunications also took part in the city's stablecoin sandbox. In February, the three companies announced plans for a joint venture that will apply for a licence.

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