Standard Chartered Hong Kong Responds to Hong Kong Dollar Stablecoin Progress: Previously announced the establishment of a joint venture company and is currently intensifying related preparatory work

BlockBeats News, May 23, the Hong Kong Legislative Council passed the "Stablecoin Bill." In response to inquiries from reporters, Dominic Maffei, Head of Digital Assets and Financial Technology at Standard Chartered Hong Kong, said, "We welcome the Legislative Council's passage of the 'Stablecoin Bill' and look forward to the formal implementation of the bill later this year, while consolidating Hong Kong's position as an international financial center."

As announced earlier, Standard Chartered Hong Kong is collaborating with Ant Bank Group and Hong Kong Telecom to jointly establish a joint venture company, aiming to apply to the Hong Kong Monetary Authority for a license under the new regulatory regime to issue a stablecoin pegged to the Hong Kong dollar. With the relevant bill now passed, we are intensifying our preparations and will announce more details in due course." (Jinse)