According to the Hong Kong Wen Wei Po report, Zhu Chengyu, co-founder of the Hong Kong financial technology company IDA and a member of the Hong Kong Special Administrative Region's third-generation internet development task force, stated, "Stablecoins are payment tools, and under the regulatory provisions of Hong Kong's Stablecoin Regulation, all stablecoins must have legal tender as reserves. Therefore, the value of stablecoins should not significantly deviate from the value of the underlying legal currency. The main application scenarios for stablecoins in Hong Kong are expected to be tools for cross-border trade and investment settlement. IDA has always been actively involved in stablecoin development and intends to apply for a Hong Kong stablecoin license to contribute to the Web3 development of Hong Kong and the country."
Hong Kong fintech company IDA intends to apply for Hong Kong stablecoin license
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