Tether and its parent company iFinex were both registered in Hong Kong

Odaily reports that Tether and its parent company iFinex were both registered in Hong Kong and are closely related to Bitfinex, one of the world's largest cryptocurrency exchange platforms. The Secretary for Financial Services and the Treasury of the HKSAR Government, Christopher Hui, stated in a radio interview yesterday that the government will regulate the issuers of such stablecoins in the future, and will regulate in two aspects, including custodians and over-the-counter (OTC) virtual asset transactions. Two members of the board of directors of Tether Hong Kong are Giancarlo Devasini - the CFO of Tether and a co-founder of Bitfinex, and JL van der Velde - the former CEO of Tether and the current CEO of Bitfinex. Currently, USDT is widely used in Hong Kong's cryptocurrency exchanges and OTC market, becoming an important tool for cross-border capital flows, and is also one of the cryptocurrencies commonly used for illegal activities. HKSAR Legislative Council member Junius Ho stated that USDT has high stability and low price volatility, providing investors and traders with a reliable store of value, and is supported by almost all major cryptocurrency exchanges globally, in addition to fast transaction speed and low fees, making it particularly suitable for cross-border trade payments. "Although there are other stablecoins on the market, USDT was issued earlier and has already occupied a market advantage."