ChainCatcher Message, Hong Kong's "Stablecoin Regulation" officially comes into effect, establishing a licensing system for stablecoin issuers and improving Hong Kong's regulatory framework for virtual asset activities. Yang Debin, President of the Greater Bay Area International Information Technology Association, stated that the development of stablecoins internationally has reached a certain scale. The launch of the "Stablecoin Regulation" in Hong Kong at this time reflects an advancement in regulation. In line with international standards, Hong Kong strives to align its regulations on stablecoins with those of other countries and regions globally.

According to Hong Kong's "Stablecoin Regulation", license holders must ensure that the market value of the reserve assets backing the designated stablecoins they issue is always not less than the par value of the stablecoins that have not been redeemed and are in circulation. License holders should consider the risk conditions of the reserve assets and ensure there is appropriate over-collateralization to cover market risks. (21 Finance)