In response to the public consultation on the legislative proposal to regulate issuers of stablecoin jointly announced by the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) today, Ronald Iu, CEO of ZA Bank, said:
“ZA Bank warmly welcomes the public consultation paper jointly issued today by the FSTB and HKMA regarding the proposed legislation for regulating stablecoin issuers. We also appreciate the HKMA’s introduction of sandbox arrangement, as we believe that industry feedback will be highly valued by the authorities. Through this consultation process, we anticipate that the future regulatory framework will be strengthened, providing greater security and fostering the development of the industry. This, in turn, will enhance the confidence of retail investors and contribute to establishing Hong Kong as a global hub for Web3.”
“As a technology-driven bank, our ambition is to be the preferred banking partner of Hong Kong’s Web3 ecosystem, guided by our ‘Banking for Web3’ vision. We have already provided essential business banking services to over 80 Web3 companies and have served as the banking partner for licensed virtual asset trading platforms (VATPs) in Hong Kong. Leveraging our relevant experience, we are more than willing to offer support and assistance to both the authorities and the industry.”
“We firmly believe that virtual assets will become a significant asset class for future investments. Within a secure regulatory environment, we eagerly anticipate seizing the opportunity to provide users with new investment possibilities brought about by Web3.”
