BiyaPay analyst: Hong Kong plans to include RMB in the legal stablecoin system, and the diversified currency ecosystem is accelerating its formation

On May 21, a Hong Kong Legislative Council member, Qiu Dagen, stated during the review of the "Stablecoin Regulation Bill" that in addition to promoting Hong Kong dollar and US dollar legal stablecoins, Hong Kong is actively exploring the inclusion of the renminbi in the legal stablecoin system. This policy direction is seen as a significant signal of Hong Kong's efforts to deeply integrate virtual assets with traditional finance. The gradually clarifying compliance framework for legal stablecoins will significantly enhance user safety in digital asset withdrawals, remittances, and cross-border payments. Particularly, if the renminbi is incorporated into the stablecoin system, it will provide a legal channel for capital flow between China and Hong Kong, reducing foreign exchange barriers. BiyaPay, as the world's first multi-asset trading wallet, not only supports the exchange and withdrawal of mainstream stablecoins like USDT with 30 fiat currencies (including US dollars, Hong Kong dollars, and euros) but also covers spot and contract trading of US stocks, Hong Kong stocks, and mainstream digital currencies. Users can complete a full closed loop of "fiat currency deposit → multi-asset trading → secure withdrawal" on a single platform. Whether participating in investments in US and Hong Kong stocks like Apple and Tesla, or trading crypto assets such as BTC and ETH, BiyaPay provides an efficient, low-fee, and barrier-free comprehensive trading experience. Additionally, the platform supports global remittance services, with funds directly reaching overseas bank accounts. As the era of stablecoin compliance accelerates, choosing BiyaPay allows for freer asset circulation, safer trading, and worry-free withdrawals.