Hong Kong launched a new stablecoin regime on August 1, continuing its cautious embrace of emerging financial products nearly three years after declaring its intention to become a digital assets hub. In anticipation of the new regime, July saw a flurry of fundraising activity by listed fintech companies, indicating that the city’s repressive political environment is unlikely to stifle the growth of the digital assets sector. The eventual success of Hong Kong’s current experiment will depend on both Beijing’s permissiveness and on global competition. The Monetary Authority of Singapore is also promoting similar digital token and stablecoin regimes, while the U.S. government is keen to establish its own leadership in the sector.
Hong Kong’s Crypto Bet Is Starting To Pay Off (Matthew Fulco – The Jamestown Foundation)
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