Today the Hong Kong Monetary Authority unveiled its stablecoin sandbox. This follows the December release of proposed regulations and a consultation that ran until February. Based on that, the stablecoin currencies are likely not restricted to Hong Kong dollars, with no mention of specific currencies made in the HKMA announcement.
“The sandbox arrangement serves as an effective channel for the HKMA and the industry to exchange views on the proposed regulatory regime, and will facilitate the formulation of fit-for-purpose and risk-based regulatory requirements, which is key to promoting the sustainable and responsible development of the stablecoin issuance business,” said Mr Eddie Yue, CEO of the HKMA.
Notably, the stablecoin sandbox sits on its website within the International Financial Centre.
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