Standard Chartered Hong Kong responds to the progress of the Hong Kong Dollar stablecoin: Earlier announced the establishment of a joint venture, currently intensifying related preparations

On May 21, the Legislative Council of the Hong Kong Special Administrative Region passed the "Stablecoin Bill." In response to a reporter's inquiry, Dominic Maffei, Head of Digital Assets and Fintech at Standard Chartered Hong Kong, stated, "We welcome the Legislative Council's passage of the 'Stablecoin Bill' and look forward to its formal implementation later this year, further solidifying Hong Kong's position as an international financial center. As previously announced, Standard Chartered Hong Kong is partnering with the ASTRI Group and Hong Kong Telecom to establish a joint venture, aiming to apply for a license from the Hong Kong Monetary Authority under the new regulatory regime to issue a stablecoin pegged to the Hong Kong dollar. With the passage of the relevant bill, we are expediting the necessary preparations and will announce more details in due course." (21st Century Business Herald)