Hong Kong is welcoming crypto exchanges and pressuring major financial institutions to accept crypto clients, with regulators laying down a red carpet to boost the special administrative region’s Web3 industry. The Hong Kong Monetary Authority has conducted public consultations on the launch of stablecoins and is in the process of establishing a regulatory framework by the end of the year. Meanwhile, Bank of China has revealed the tokenization of 200 million Chinese yuan ($28 million) in digitally structured notes on the Ethereum blockchain, reportedly the first act of a Chinese financial institution tokenizing a security in Hong Kong.
