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Hong Kong to Regulate Stablecoins and Expand Virtual Asset Transaction Supervision!

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Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Hong Kong’s Deputy Secretary for Financial Services and the Treasury, Chan Ho-Lin, has announced plans to expand the scope of supervision for virtual asset transactions in the country. He stated that the government intends to regulate trading activities beyond virtual asset trading platforms and work on a regulatory system for stablecoin issuers. Additionally, the Hong Kong Monetary Authority will consult with banking industry professionals on guidelines for virtual asset custody services to ensure customer assets are protected. Ho-Lin also said that Web 3 technology has the potential to solve finance, business operations, and life problems by improving efficiency and reducing costs.

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