HONG KONG—The Hong Kong Monetary Authority (HKMA) is preparing to introduce the Digital Hong Kong Dollar (DHKD).
Lee Ka Chiu John, chief executive of the Hong Kong Special Administrative Region, said he is studying the market's view on regulating stablecoins.
“With this, the authority has started preparatory work for the DHKD,” Investing.com reported.
According to John, the government has submitted a draft proposal in order to introduce a statutory licensing regime for virtual assets. However, the Monetary Authority is specifically deployed to attain knowledge from the market's perspective on the regulation of stablecoins, Investing.com explained.
The Monetary Authority is also working with the Mainland Institution to expand testing.
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