Li Jiachao: Hong Kong is implementing the stablecoin issuer system

PANews reported on September 17 that according to the Shanghai Securities News, Hong Kong Chief Executive Lee Ka-chao, said in his fourth policy address during his tenure that the Hong Kong Monetary Authority will promote commercial banks to launch tokenized deposits and promote real tokenized asset transactions. For example, using tokenized deposits to settle tokenized money market funds, assisting the government in normalizing the issuance of tokenized bonds, and encouraging banks to strengthen risk management through regulatory sandboxes. Li Jiachao said that Hong Kong is implementing the stablecoin issuer system and formulating legislative suggestions on the licensing system for digital asset trading and custody services. The Hong Kong Securities Regulatory Commission is studying to expand the types of digital asset products and services that can be provided to professional investors while fully protecting investors, while strengthening international tax cooperation to combat cross-border tax evasion.