The Secretary for Financial Services and the Treasury of Hong Kong made a big move at the Lujiazui Forum on June 20, stating that stablecoins need to be innovative!
They do not rule out pegging to the Renminbi to aid internationalization, but must stabilize the exchange rate and monetary policy to avoid any mishaps!
Three regulatory measures: issuers must have sufficient capital reserves, reserves must cover the unredeemed value in seconds, and redemptions must be completed by T+1. Hong Kong is aiming to seize a central position in the stablecoin race and attract global funds? The market is fluctuating and restless.
Brothers, keep an eye on your positions! Hong Kong may become a new hotspot for crypto, so be prepared for the big show!
