Hong Kong legislator Darwin Chiu has raised concerns about the transparency of the Hong Kong Monetary Authority's (HKMA) stablecoin sandbox initiative. He criticized the lack of clarity in the application process and the timeline for official licensing. The Treasury Bureau aims to finalize regulatory proposals by year-end, aligning with international standards. This move is part of Hong Kong's broader effort to position itself as a global hub for virtual assets and Web3 technologies. The ongoing dialogue highlights the need for clear regulatory frameworks to foster industry growth.
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