The Hong Kong Monetary Authority (HKMA) has launched what is being referred to as a stablecoin issuer sandbox arrangement. This arrangement is designed to communicate the HKMA’s supervisory expectations to parties interested in issuing fiat-referenced stablecoins. The sandbox is also expected to serve as a channel for stablecoin market participants to relay their feedback on proposed regulatory requirements.
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 Stablecoins are virtual assets designed to maintain a stable value relative to certain assets, typically currencies. The HKMA is formulating a regulatory regime for stablecoin issuers in Hong Kong, and the sandbox arrangement aims to facilitate the exchange of views between the HKMA and the industry on the proposed regulatory requirements.