Stablecoin operators discuss setting up in HK ahead of bill

Some prospective stablecoin operators are in talks with Hong Kong authorities about setting up in the city, as the city's stablecoin bill is set to take effect next month, according to Invest Hong Kong.

Alpha Lau Hai-suen, director-general of investment promotion, said she expects relevant enterprises to establish a presence shortly after the bill comes into force.

She noted that Hong Kong's policy approach to stablecoins is relatively advanced in the world, which is an advantage to attract firms to choose the city as a development base.

She added the city's fintech sector sees huge potential in stablecoins, especially in areas such as trade and investment.

The absence of rigid requirements linking stablecoins to specific fiat currencies also creates broader room for exploration, she said, believing this could support the diversification of global currencies.

STAFF REPORTER