Standard Chartered Hong Kong responds to the progress of the Hong Kong dollar stablecoin: it announced the establishment of a joint venture earlier and is stepping up relevant preparations

On May 21, 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 strengthening Hong Kong's status as an international financial center. As announced earlier, Standard Chartered Hong Kong is working with Security Group and Hong Kong Telecom to jointly establish a joint venture company, hoping to apply for a license from the HKMA under the new regulatory regime to issue Hong Kong dollar-linked stablecoins. With the passage of the relevant bill, we are stepping up the relevant preparatory work and will announce more details in due course." (21 Finance)