Xu Zhengyu, Secretary for Financial Services and the Treasury of Hong Kong: The Hong Kong Monetary Authority is studying the "stable currency" regulatory system, which is planned to be implemented in 2024

According to Xu Zhengyu, Secretary of the Financial Services and Treasury Bureau of the Hong Kong Special Administrative Region Government, in his speech at the Aspen Digital Web3 Investment Summit, Hong Kong will start to establish a licensing system for virtual asset service providers in June; the Hong Kong Monetary Authority is studying the "stable currency" Regulatory system, the goal is to implement relevant regulation in 2024. At the same time, Hong Kong is cooperating with mainland China to test the use of digital renminbi for cross-border payments in Hong Kong, and is cooperating with several central banks on multi-central bank digital currency bridging projects to speed up cross-border payments; Hong Kong is also studying the possible discovery of electronic Hong Kong dollars. In addition, Hong Kong's budget this year announced an allocation of US$50 million to accelerate the development of the Web3 ecosystem.