On June 15, Hong Kong's Financial Secretary Paul Chan published a director's essay titled "Speeding Up Progress and Setting Sail Steadily," pointing out that the development of digital assets has driven related businesses of Financial Institutions. Last year, the total transaction amount of digital assets and related products by local banks in Hong Kong reached HKD 17.2 billion, and by the end of last year, the total amount of digital assets custodied by banks reached HKD 5.1 billion. The "Stablecoin Regulation" has been passed by the Legislative Council and will take effect on August 1. Hong Kong is cautiously promoting the development of stablecoins, providing a new paradigm for the global stablecoin market, which is also reflected in the functions of firewall and experimental field under the principle of "one country, two systems," offering experience and reference for the country's financial development. For example, Hong Kong has adopted a more open model, allowing licensed issuers to choose different fiat currencies as the anchor fiat for issuing stablecoins, which is beneficial for attracting more institutions from different parts of the world to issue stablecoins in Hong Kong based on actual application scenarios, greatly enhancing the liquidity of related activities and the competitiveness of the Hong Kong market.
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Hong Kong Financial Secretary: Allows licensed issuers to choose different fiat coin types as stablecoin peg fiat.
On June 15, Hong Kong's Financial Secretary Paul Chan published a director's essay titled "Speeding Up Progress and Setting Sail Steadily," pointing out that the development of digital assets has driven related businesses of Financial Institutions. Last year, the total transaction amount of digital assets and related products by local banks in Hong Kong reached HKD 17.2 billion, and by the end of last year, the total amount of digital assets custodied by banks reached HKD 5.1 billion. The "Stablecoin Regulation" has been passed by the Legislative Council and will take effect on August 1. Hong Kong is cautiously promoting the development of stablecoins, providing a new paradigm for the global stablecoin market, which is also reflected in the functions of firewall and experimental field under the principle of "one country, two systems," offering experience and reference for the country's financial development. For example, Hong Kong has adopted a more open model, allowing licensed issuers to choose different fiat currencies as the anchor fiat for issuing stablecoins, which is beneficial for attracting more institutions from different parts of the world to issue stablecoins in Hong Kong based on actual application scenarios, greatly enhancing the liquidity of related activities and the competitiveness of the Hong Kong market.