According to BlockBeats, Hong Kong Secretary for Financial Services and the Treasury, Paul Chan, highlighted the impact of digital asset growth on financial institutions in his recent essay, "Accelerating Progress and Sailing Steadily." Last year, local banks in Hong Kong saw transactions of digital assets and related products reach a total of HKD 17.2 billion, with digital assets under bank custody reaching HKD 5.1 billion by the end of the year.
"Stablecoin Regulation" has been passed by the Legislative Council and will take effect on August 1. This measure aims to proceed cautiously in the development of stablecoins, offering a new paradigm for the global stablecoin market. It also reflects its dual function as a firewall and testing ground under the "one country, two systems" framework, providing valuable experience and references for national financial development.
Hong Kong has adopted a more open approach, allowing licensed issuers to choose from a variety of fiat currencies as the reference currency for issuing stablecoins. This strategy is expected to attract more global institutions to issue stablecoins in Hong Kong based on practical application scenarios, significantly enhancing the liquidity of related activities and the competitiveness of the Hong Kong market.