BlockBeats news, on July 20, according to the (Hong Kong Economic Times), before the effective date of the Hong Kong (Stablecoin Regulation) on August 1, dozens of companies have expressed their intention to apply for or participate in stablecoin business. The Chairman of the Hong Kong Financial Development Council, Hong Pi-Zheng, stated at the annual report press conference that stablecoins should not become objects of speculation, and the digitalization of the asset market is a long-term battle. Stablecoins should play a stabilizing role and should not have a short-sighted vision. He believes that Hong Kong's current development pace is leading among other financial centers.
At the same time, Hong Pi-Zheng, who is also the CEO of Standard Chartered International Business, indicated that, as he understands, the Monetary Authority only started accepting issuer applications in August. Stablecoins are one of the elements in the digitalization of Hong Kong's financial market, allowing currency intermediaries to be 'tokenized.' He believes that the next step will involve the 'tokenization' of different assets, but the development process will take time and will not lead to a complete 'tokenization' of Hong Kong within 24 hours.