Standard Chartered Hong Kong responds to the progress of the Hong Kong dollar stablecoin: earlier announced the establishment of a joint venture and is accelerating the relevant preparatory work.

On May 23, the Legislative Council of the Hong Kong Special Administrative Region passed the Stablecoin Bill. In response to a reporter’s inquiry, Dominic Maffei, Head of Digital Assets and Fintech at Standard Chartered Hong Kong, said, “We welcome the passage of the Stablecoin Bill by the Legislative Council and look forward to its formal implementation later this year, while reinforcing Hong Kong’s position as an international financial centre. As previously announced, Standard Chartered Hong Kong is working with Nex Group and HKT to form a joint venture to apply for a licence from the Hong Kong Monetary Authority to issue stablecoins pegged to the Hong Kong dollar under the new regulatory regime. With the passage of the relevant bill, we are stepping up the relevant preparatory work and will announce more details in due course.” (Golden Ten)