According to Deep Tide TechFlow, Hong Kong's Financial Secretary Paul Chan stated that the (Stablecoin Regulation) has been passed by the Legislative Council and will take effect on August 1. The regulation provides a new paradigm for the global stablecoin market.
Hong Kong allows licensed issuers to choose different fiat currencies as the stablecoin anchor currency, attracting global institutions to issue stablecoins in Hong Kong, thereby enhancing activity liquidity and market competitiveness.