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Concerning Stablecoins! The Hong Kong Financial Secretary's Recent Statements.
Recently, Hong Kong Financial Secretary Paul Chan expressed several important views on stablecoins, mainly focusing on the positioning, regulatory policies, and development direction of stablecoins, which are as follows:
Clarifying the Positioning of Stablecoins: Paul Chan emphasized that stablecoins are essentially a payment tool aimed at addressing long-standing pain points such as slow cross-border payment speeds, high costs, and low efficiency. Its core value lies in serving the real economy, as an alternative to the traditional financial system, with the potential to reshape payment and capital market activities.
Emphasizing Regulation and Compliance: The "Stablecoin Ordinance" was passed by the Hong Kong Legislative Council on May 21 and will take effect on August 1. After the ordinance comes into effect, the Hong Kong Monetary Authority will promptly handle licensing applications, encouraging compliant businesses to operate. Issuers must apply for a license from the Hong Kong Monetary Authority and meet minimum capital requirements of HKD 25 million, 100% high liquidity asset reserves, and no additional redemption conditions. Additionally, issuers must comply with a series of risk management and anti-money laundering requirements, as well as provide specific business justifications, such as application scenarios, explaining how their stablecoin business can effectively address pain points in economic activities.
Promoting the Expansion of Application Scenarios: Paul Chan stated that the Hong Kong Special Administrative Region government and financial regulatory authorities will strive to create a favorable market environment, coupled with necessary regulatory measures, to encourage issuers to extend the application of stablecoins to various scenarios, helping to address substantial pain points in both business operations and citizens' lives. The "Hong Kong Digital Asset Development Policy Declaration 2.0" proposes to "promote application scenarios and cross-sector cooperation," emphasizing that stablecoins have the potential to bring about changes in payment and capital market activities, including cross-border payments.
Elaborating on Strategic Significance: Paul Chan believes that the stablecoin ecosystem will attract global capital and technology to converge in Hong Kong, helping Hong Kong to become the world's largest cross-border asset management center within 2-3 years. Through a "multi-currency peg + value regulation" model, Hong Kong allows pegging to currencies such as the Renminbi and US Dollar, avoiding reliance on a single US Dollar while providing a buffer for the mainland to explore the internationalization of the offshore Renminbi, and also consolidating Hong Kong's status as an international financial center.
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Celebrating 10K Followers on Binance Square: A Huge Thank You!
Hello, amazing community! We’ve reached an incredible milestone of 10,000 followers on Binance Square! 🎉 I’m truly grateful for each of you who’ve joined me on this exciting crypto journey. Your likes, shares, and insightful comments have made every post, from market trends to blockchain innovations, a joy to share. Together, we’ve explored the dynamic world of digital assets, and your support inspires me to keep diving deeper into crypto’s future. Here’s to our growing family—let’s keep learning, sharing, and aiming for the next milestone, 50K followers! Thank you for being the best part of this adventure! 🙌 #10KFollowers #BinanceSquare #CryptoCommunity
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🚀 $WCT (WalletConnect Token) is Live — Powering the Future of Web3 Connections!
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