Hong Kong Financial Secretary: Licensed issuers are allowed to choose different fiat currencies as the anchored fiat currency for stablecoins

On June 15, Hong Kong Financial Secretary Paul Chan Mo-po published the Secretary's Essay "Speeding Up and Sailing Steady", pointing out that the development of digital assets has driven the related business of financial institutions. Last year, the total transaction volume of digital assets and related products of local banks in Hong Kong reached HK$17.2 billion, and the total amount of digital assets entrusted to banks at the end of last year reached HK$5.1 billion.

The "Stablecoin Ordinance" has been passed by the Legislative Council and will take effect on August 1. Hong Kong has steadily and prudently promoted the development of stablecoins, providing a new paradigm for the global stablecoin market. It also reflects the functions of firewalls and test fields under the "one country, two systems" principle, providing experience and reference for national financial development. For example, Hong Kong has adopted a more open model, allowing licensed issuers to choose different fiat currencies as the anchored fiat currency for issuing stablecoins, which is conducive to attracting more local institutions around the world to issue stablecoins in Hong Kong according to actual application scenarios, which will greatly improve the liquidity of related activities and the competitiveness of the Hong Kong market. #stablecoin