Hong Kong Financial Secretary Paul Chan Mo-po disclosed in the latest Budget that the Hong Kong Monetary Authority will launch a "sandbox" in the short term to allow institutions interested in issuing stablecoins to test the issuance process and business of stablecoins within a controllable range. model, investor protection and risk management systems, as well as communicating on future regulatory requirements. Paul Chan also mentioned that the Hong Kong government consulted the public on legislative proposals for establishing a regulatory system for stablecoin issuers at the end of last year, with the goal of establishing a regulatory system that not only protects financial stability but does not stifle innovation.

Chen Maobo added that network security and investor and consumer protection are crucial to the development of Web 3.0. Based on the principle of "same business, same risks, same rules", the Hong Kong Securities and Futures Commission implemented the virtual asset trading platform in June last year. The licensing system not only complies with relevant international standards but also provides investor protection, putting Hong Kong ahead of many major jurisdictions. In order to strengthen the protection of investors and consumers, the Hong Kong government is launching a consultation on the supervision of over-the-counter trading services for virtual assets. It will continue to promote Hong Kong through a multi-pronged approach such as timely release of information, comprehensive public education, and strengthening law enforcement. Robust and responsible development of virtual markets.