The Unique Potential of Stablecoin and ETF in Hong Kong Drives the Prosperity of Cryptocurrencies, According to Animoca Brands Founder
Under the regulatory framework in Hong Kong, it is now possible to legally issue stablecoins pegged to the Hong Kong dollar. Recently, Yat Siu, the founder of Hong Kong venture capital and gaming brand Animoca Brands, publicly shared his views on the changes brought about by stablecoins.
Digital Hong Kong dollar: Different from the US dollar system, niche markets
Hong Kong has launched a stablecoin sandbox program
Hong Kong’s version of a spot Bitcoin ETF is also set to launch soon, making Asia the center of Web3
According to an interview with The Block, Yat Siu emphasized the unique advantages of the Hong Kong dollar, pointing out its relationship with the US dollar. He explained that the Hong Kong dollar stablecoin is a currency that is both pegged to the US dollar and different from the US dollar, providing an alternative demand for those seeking regulation. “The Hong Kong dollar can be an interesting alternative,” he said.
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The Hong Kong Monetary Authority launches a “sandbox” program to guide the issuance of stablecoins towards compliance
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In March of this year, the Hong Kong Monetary Authority (HKMA) launched a sandbox program, providing a set of compliance guidelines for issuers who are genuinely willing and ready to issue fiat-backed stablecoins in Hong Kong, in order to prepare them for future regulatory systems.
Through the sandbox program, the HKMA will collect feedback from participants on proposed regulatory requirements, aiming to ensure that the upcoming regulatory framework can achieve regulatory objectives without overly hindering industry development.
Yat Siu also discussed the development of ETFs in Hong Kong, particularly the expected approval of spot Bitcoin ETFs. This could not only enhance Web3 investment in Hong Kong but also potentially position Hong Kong ahead of the United States in terms of diversified ETF supply. Yat Siu believes that this demonstrates Hong Kong’s clearer regulatory framework for Ethereum spot ETFs and GamFi tokens.
Yat Siu believes that due to the regulatory challenges brought by the United States, Asia will become the center of Web3 innovation in the near to medium term. He stated that Web3 will be an Asian narrative because the regulatory environment here is more flexible.
Animoca Brands
ETF
Yat Siu
Digital Hong Kong dollar
Stablecoin
Hong Kong
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Further reading:
Hong Kong Monetary Authority releases CBDC white paper, discusses feasibility of retail applications for digital Hong Kong dollar e-HKD
Hong Kong Monetary Authority’s “Fintech 2025” strategy: Digital Hong Kong dollar, blockchain credit data, sandbox review
