HKMA announces stablecoin issuer sandbox participants
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (July 18) the list of participants of the stablecoin issuer sandbox. The following institutions (in alphabetical order of their names) will participate in the sandbox with effect from today:
During the assessment process, these institutions were able to demonstrate genuine interest in developing a stablecoin issuance business in Hong Kong with a reasonable business plan, and that their proposed operations under the sandbox arrangement would be conducted within a limited scope and in a risk-controllable manner.
The sandbox, which was launched in March 2024, is part of the HKMA's efforts in facilitating the sustainable and responsible development of stablecoin ecosystem in Hong Kong. Through the sandbox, the HKMA allows institutions with plans to issue stablecoin in Hong Kong to conduct testing on their operational plans, and also facilitates the two-way communication on the proposed regulatory requirements, with a view to formulating fit-for-purpose and risk-based regulatory regime.
Sandbox participants are expected to comply with the sandbox requirements. They will not handle the general public's funds at the initial stage, and will not solicit funding from the public or offer any products associated with the sandbox. Members of the public should stay vigilant to potential scams purporting to be related to the sandbox. The HKMA will make separate announcement in case sandbox participants are allowed to handle the general public's funds within a limited scope as a result of adjustments to the testing scope.
The HKMA will continue to handle enquiries and applications for sandbox participation. Announcements will be made in a timely manner for any new participants joining the sandbox.
Source: AI-generated images
HKETO, Brussels promotes Hong Kong film industry and business opportunities in southern Italy
With support from the Hong Kong Economic and Trade Office, Brussels (HKETO, Brussels) and the Cultural and Creative Industries Development Agency, Hong Kong movies are in the spotlight at the Salento International Film Festival (SIFF) taking place in Tricase in the Salento peninsula of southern Italy from September 10 to 15 (Tricase time).
SIFF is a major international film festival in southern Italy.For years, it has featured many Hong Kong and Asian productions.In this current edition, the Hong Kong films screened by SlFF included the works of emerging filmmakers, "Dust to Dust" by Jonathan Li (2023) and "In Broad Daylight" by Lawrence Kan (2024), as well as retrospectives from well-established director, "As Tears Go By" by Wong Kar-wai (1988).
Speaking before the screening of the investigativedrama "In Broad Daylight" during the Hong Kong Film Night on the evening of September 12, Deputy Representative of HKETO, Brussels Miss Fiona Li highlighted that Hong Kong is a creative hub with a long history in cinematography."We also see an increasing number of emerging actors and young filmmakers whose productions cover a diversity of genres", she said.
To further elevate Hong Kong cinema to the global stage and display the talents of Hong Kong filmmakers globally, the Government of the Hong Kong Special Administrative Region has invested significant budgets in fostering the film and creative industries.Miss Li added, "One of the recent measures is the launch of Hong Kong-Europe-Asian Film Collaboration Funding Scheme under the Film Development Fund.It provides funding support to eligible film projects co-produced by filmmakers from European and Asian countries to make films featuring Hong Kong, European and Asian cultures."
Seizing the opportunity to gain more exposure in southern Italy, HKETO, Brussels held a business event in the margin of the SIFF on September 12, jointly with the Hong Kong Trade Development Council and Invest Hong Kong, to reach out to local entrepreneurs. Miss Li spoke during the event to promote Hong Kong's strong fundamentals and unique advantages to act as the gateway for Italian companies to enter the Mainland and Asian markets.
HKETO, Brussels promotes Hong Kong film industry and business opportunities in southern Italy Source: HKSAR Government Press Releases
HKETO, Brussels promotes Hong Kong film industry and business opportunities in southern Italy Source: HKSAR Government Press Releases
