According to PANews, the Hong Kong Monetary Authority (HKMA) has released its 2023 Annual Report on its official website. The report includes the financial statements of the foreign exchange fund and the 2023 Sustainable Development Report. The report's 2024 work focus and forward-looking section include crypto assets, particularly stablecoins. The HKMA noted that public consultation on the regulation of stablecoin issuers took place from December 2023 to February 2024.
The HKMA will cooperate with the government to advance relevant legislative work and will continue to communicate with different stakeholders in the formulation and implementation of the regulatory system. It will also pay attention to market developments and related international discussions. At the same time, the HKMA will implement a stablecoin 'sandbox' arrangement to promote exchanges of views on proposed regulatory systems and requirements, enhancing the robustness of non-bank financial intermediaries, crypto assets, and financial innovation.
The HKMA will focus on products related to virtual assets and will refer to the latest market developments and revisions of international standards in the process. To promote the sustainable and responsible development of the virtual asset industry, the HKMA will continue to cooperate with the government and other regulatory agencies to ensure a robust, comprehensive, and appropriately balanced regulatory framework for the virtual asset industry.