Hong Kong Passes the 'Stablecoin Regulation Bill', Traditional Financial Giants Accelerate Digital Asset Layout
On May 23, the Hong Kong Legislative Council passed the 'Stablecoin Regulation Bill', establishing a clear regulatory framework for the issuance and trading of stablecoins. This marks a key step for Hong Kong in the regulation of digital assets. Standard Chartered Bank, in collaboration with AN Group and Hong Kong Telecom, is preparing to establish a joint venture to issue a Hong Kong dollar-pegged stablecoin, further promoting the deep integration of traditional finance with digital assets.
Industry Impact:
Accelerated Transformation of Traditional Finance: Global banking giants view digital assets as a strategic focus; Standard Chartered's entry sets a precedent, and more institutions are expected to follow.
Enhanced Investor Protection: The regulation strictly demands transparency of reserve assets and capital adequacy ratios, boosting market confidence.
Strengthened Competitiveness of Hong Kong: As the first financial center to establish a stablecoin regulatory system, Hong Kong is expected to seize the pricing power of digital assets.
Future Outlook: With the implementation of the 'Stablecoin Regulation', Hong Kong is set to welcome a new wave of digital assets, driving global financial innovation.