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The Hong Kong Monetary Authority (<a href="https://crypto.news/tag/HKMA/" target="_blank" rel="noreferrer noopener">HKMA</a>) will allow institutions to test the issuance of stablecoins. 
According to a <a href="https://www.youtube.com/watch?v=qr-yiblclXA" target="_blank" rel="noreferrer noopener">release</a> published by the Hong Kong Free Press on Feb. 28, the <a href="https://crypto.news/tag/HKMA/" target="_blank" rel="noreferrer noopener">HKMA</a> will launch a so-called sandbox. Financial Secretary Paul Chan explained that the <a href="https://crypto.news/tag/sandbox/" target="_blank" rel="noreferrer noopener">sandbox</a> will allow institutions interested in issuing stablecoins to test the issuance process, business model, investor protection, and risk management systems of stablecoins, as well as discuss future regulatory requirements. 
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 “Cybersecurity, alongside investor and customer protection are matters of utmost importance in web 3.0 development, embracing the principle of ‘same activity, same risks, same regulation.” <cite>Paul Chan, Financial Secretary</cite>
</blockquote> 
In December 2023, the HKMA and the Financial Services Bureau (FSTB) of Hong Kong <a href="https://crypto.news/hong-kong-to-limit-investors-in-purchasing-stablecoins/" target="_blank" rel="noreferrer noopener">announced</a> they intend to introduce fiat currency-pegged <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noreferrer noopener">stablecoin</a> (FRS) issuers licenses. The bill requires stablecoin issuers who actively sell FRS to obtain a permit from the HKMA to continue their activities. The regulators’ offer is formed considering international standards and the local market’s needs. 
 You might also like: <a href="https://crypto.news/china-bound-brokers-seek-crypto-licenses-in-hong-kong/"> China-bound brokers seek crypto licenses in Hong Kong </a> 
Since late 2022, Hong Kong has implemented several initiatives to integrate cryptocurrencies. This is, in particular, <a href="https://crypto.news/hong-kong-set-to-offer-retail-crypto-trading-licenses-soon/" target="_blank" rel="noreferrer noopener">the licensing regime</a> for service providers. The authorities also created a task force to develop and implement new blockchain developments. 
Hong Kong has been introducing a new crypto regulatory regime, and many cryptocurrency platforms have seen the region as one of the most promising for digital asset businesses. According to the Forex report, Hong Kong also <a href="https://crypto.news/how-hong-kong-became-the-new-hub-for-cryptocurrencies/" target="_blank" rel="noreferrer noopener">ranked</a> first in 2023 in terms of readiness to adopt cryptocurrencies. The first place is due to the large number of cryptocurrency <a href="https://crypto.news/tag/ATM/" target="_blank" rel="noreferrer noopener">ATMs</a> and automated systems, zero tax and many crypto companies. 
 Read more: <a href="https://crypto.news/are-crypto-firms-moving-to-asia/"> Are crypto firms moving to Asia? </a>

Hong Kong to allow stablecoin issuance testing in sandbox

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