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Chairman of Hong Kong Financial Development Board: Stablecoin should not become a speculative target, believe there will be "tokenization" of various assets
BlockBeats News, July 20th. According to the Hong Kong Economic Times, on the eve of the implementation of the Hong Kong "Stablecoin Regulation" on August 1st, dozens of companies have expressed their intention to apply for or participate in the stablecoin business. When hosting the annual report release conference, Norman Chan, Chairman of the Hong Kong Monetary Authority, stated that stablecoins should not be speculative instruments. The digitization of asset markets is a long-term strategic move, and stablecoins should play a stabilizing role. One should not have a short-term perspective. He believes that Hong Kong's current development pace is among the leading group in other financial centers.
Norman Chan, who also serves as the CEO of Standard Chartered's international business, mentioned that, to his knowledge, the Monetary Authority will only start accepting issuer applications in August. Stablecoins are one aspect of the digitization of Hong Kong's financial market, allowing the tokenization of transaction currencies. He believes that the next step will involve the tokenization of different assets. However, the development process takes time and will not lead to a comprehensive "tokenization" of Hong Kong within 24 hours.
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