The Hong Kong Monetary Authority (HKMA) stated that the main purpose of the “sandbox” scheme is to support the continuous development of the virtual asset ecosystem in Hong Kong. Through this scheme, the HKMA not only aims to communicate regulatory expectations to those issuers who are genuinely willing and prepared to issue fiat-backed stablecoins in Hong Kong but also provides a set of compliance guidelines for these issuers to navigate future regulatory regimes smoothly.
"Hong Kong Monetary Authority Introduces 'Sandbox' Program, Guiding Stable Coin Issuance towards Compliance"