Hong Kong lawmaker Duncan Chiu said today that Hong Kong is currently running the second round of consultation for stablecoins issuance guidelines.

Chiu said at a forum in Shanghai that he hopes Hong Kong would be set to release regulatory guidelines for stablecoin issuers in the middle of next year, local media reported.

Chiu’s comments come as the region aims to develop itself into a Web3 hub. Unlike its neighboring Chinese mainland’s broader crackdown on cryptocurrencies, Hong Kong has rolled out the welcome mat for crypto firms this year. In June, Hong Kong officially started its crypto licensing regime, allowing licensed exchanges to offer retail trading services. 

In August, a group of industry experts urged the Hong Kong government to issue its own stablecoin HKDG to …