- Buy Crypto
- Markets
- Futures
- Spot
- Copy Trade
Earn- More
Chairman of Hong Kong Financial Development Board: Stablecoin should not become a speculative target, believe there will be "tokenization" of various assets
BlockBeats News, July 20th. According to the Hong Kong Economic Times, on the eve of the implementation of the Hong Kong "Stablecoin Regulation" on August 1st, dozens of companies have expressed their intention to apply for or participate in the stablecoin business. When hosting the annual report release conference, Norman Chan, Chairman of the Hong Kong Monetary Authority, stated that stablecoins should not be speculative instruments. The digitization of asset markets is a long-term strategic move, and stablecoins should play a stabilizing role. One should not have a short-term perspective. He believes that Hong Kong's current development pace is among the leading group in other financial centers.
Norman Chan, who also serves as the CEO of Standard Chartered's international business, mentioned that, to his knowledge, the Monetary Authority will only start accepting issuer applications in August. Stablecoins are one aspect of the digitization of Hong Kong's financial market, allowing the tokenization of transaction currencies. He believes that the next step will involve the tokenization of different assets. However, the development process takes time and will not lead to a comprehensive "tokenization" of Hong Kong within 24 hours.
You may also like
US Court Sentences Chinese National to Nearly Four Years for $37M Crypto Fraud
Key Takeaways Jingliang Su, a Chinese national, received a nearly four-year prison sentence for laundering over $36.9 million…
JPMorgan’s Dimon Tells Coinbase’s Armstrong to Stop “Lying” About Crypto Bill
Key Takeaways: JPMorgan Chase CEO Jamie Dimon accused Coinbase CEO Brian Armstrong of misrepresenting banks’ role in opposing…
CZ Pushes Back on Claims Binance Triggered Historic $19B Crypto Liquidations
Key Takeaways: Changpeng Zhao, known as CZ, denies that Binance played a pivotal role in the $19 billion…
Coinbase Insider Trading Lawsuit Moves Forward Despite $2.9B Stock Sale Defense
Key Takeaways A Delaware court has allowed a shareholder lawsuit against Coinbase directors for alleged insider trading to…
Brazil’s Nubank Secures OCC Conditional Approval for U.S. National Bank – Potential Crypto Custody Ahead?
Key Takeaways Nubank has received conditional approval from the U.S. OCC to establish a national bank, with potential…
Hong Kong-Based OSL Group Launches $200M Equity Raise for Stablecoin and Payments Expansion
Key Takeaways OSL Group, a prominent digital asset platform in Asia, has initiated a significant $200 million equity…
Central Bank of the UAE Endorses First USD-Backed Stablecoin
Key Takeaways The UAE Central Bank has endorsed the first US dollar-backed stablecoin, USDU, to streamline compliant settlements…
Talos Raises $45M Series B Extension Backed by Robinhood, Bringing Total Funding to $150M
Key Takeaways: Talos, a leading provider of institutional digital asset trading technology, has raised $45 million in a…
Bitpanda and Ribbon Plc to Unveil Comprehensive Crypto Services in the UK
Key Takeaways Bitpanda Technology Solutions collaborates with Ribbon Plc to launch digital asset services in the UK. The…
a16z-Backed Crypto Custody Startup to Close, Returning Investor Capital
Key Takeaways Entropy, a decentralized crypto custody startup, is closing its doors after four years due to strategic…
Why DePIN Is the Next Big Revolution in 2026-2028
Key Takeaways DePINs have emerged as a vital solution to the infrastructural demands of AI, moving from theoretical…
CLARITY Act Stalled: How Coinbase's Revolt Against U.S. Crypto Rules Could Freeze the Crypto Market (2026 Update)
Jan 2026: The CLARITY Act imploded when Coinbase opposed Senate's stablecoin yield ban. Explore the 3 'poison pills' that froze crypto regulation and moved markets.
OWL Tokens Transferred in Potential Sell-off Alert
Key Takeaways $2.1 million in OWL tokens were moved from a team’s wallet, raising concerns about a possible…
Crypto Users Face Threat from Massive 149 Million Credential Infostealer Data Breach
Key Takeaways: A massive data breach involving 149 million records was discovered, posing rising risks for crypto users.…
Crypto Takeaways from Davos: When Politics and Finances Collide
Key Takeaways Trump’s Geopolitical Crypto Push: U.S. President Trump emphasized the urgency of crypto regulation as a geopolitical…
Could Europe Sell US Debt if a Greenland Deal Doesn’t Come Through?
Key Takeaways The geopolitical tensions involving Greenland could lead Europe to consider offloading US debt as a strategic…
Ether treasury ETHZilla acquires aircraft engines amid a new tokenization strategy
Key Takeaways: ETHZilla has shifted focus by purchasing two aircraft engines for $12.2 million, aligning with its new…
A16z-Supported Crypto Venture Entropy Winds Down, Returns Investor Funds
Key Takeaways Entropy, a startup supported by Andreessen Horowitz and Coinbase Ventures, is closing due to scalability challenges…
US Court Sentences Chinese National to Nearly Four Years for $37M Crypto Fraud
Key Takeaways Jingliang Su, a Chinese national, received a nearly four-year prison sentence for laundering over $36.9 million…
JPMorgan’s Dimon Tells Coinbase’s Armstrong to Stop “Lying” About Crypto Bill
Key Takeaways: JPMorgan Chase CEO Jamie Dimon accused Coinbase CEO Brian Armstrong of misrepresenting banks’ role in opposing…
CZ Pushes Back on Claims Binance Triggered Historic $19B Crypto Liquidations
Key Takeaways: Changpeng Zhao, known as CZ, denies that Binance played a pivotal role in the $19 billion…
Coinbase Insider Trading Lawsuit Moves Forward Despite $2.9B Stock Sale Defense
Key Takeaways A Delaware court has allowed a shareholder lawsuit against Coinbase directors for alleged insider trading to…
Brazil’s Nubank Secures OCC Conditional Approval for U.S. National Bank – Potential Crypto Custody Ahead?
Key Takeaways Nubank has received conditional approval from the U.S. OCC to establish a national bank, with potential…
Hong Kong-Based OSL Group Launches $200M Equity Raise for Stablecoin and Payments Expansion
Key Takeaways OSL Group, a prominent digital asset platform in Asia, has initiated a significant $200 million equity…
App