According to Deep Tide TechFlow, on July 20, the chairman of the Hong Kong Financial Development Council, Hung Pi-cheng, stated that stablecoins should not become objects of speculation but should play a stabilizing role. On the eve of the implementation of the Hong Kong (Stablecoin Regulation) on August 1, dozens of companies have expressed their intention to apply for or participate in stablecoin business.
Hung Pi-cheng pointed out that the digital asset market is a long-term battle, and stablecoins are an important part of the digitalization of Hong Kong's financial market. He believes that Hong Kong is in a leading position in the digital development of financial centers and expects more different assets to be tokenized in the future, but this process will take time.
He also emphasized that against the backdrop of uncertain global trade prospects, Hong Kong should position itself as a financial center geared towards the Global South, assisting companies and investors in diversifying supply chains and investment risks while maintaining its status as a capital market, wealth management, and RMB risk management center.