Written by: Zhang Feng
>The the Kong stablecoin bill is expected to bring new vitality and opportunities to Hong Kong and even the global financial market, and will have far-reaching impacts. Currently, its significance can be mainly reflected in four important dimensions: supporting enterprises' overseas expansion,alization increasing investment channels, promoting Renhancing RMand clearing efficiency with RMB as underlying assets, and further strengthening Hong Kong's position as a future financial center to promote crypto finance and digital economy, economy while mainland enterprises can establish legal and compliant cross-cross-border payment exchange frameworks.After the Hong Kong stablecoin bill passed, it brought new opportunities for mainland Chinese enterprises to build legal and compliant cross-border payment and exchange structures. Enterprises can start from the following aspects:
Cooperate with compliant stablecoin issuers. According to the Hong Kong Financial Treasury Bureau regulations, only licensed fiat stablecoin issuers, banks, licensed institutions, and licensed virtual asset trading platforms are authorized to sell fiat stablecoins in Hong Kong. Mainland enterprises should prioritize cooperation with these compliant entities, such as JD Chain Technology, which has entered the Hong Kong Monetary Authority's stablecoin issuer "sandbox", to participate in stablecoin business through regular channels and ensure the legality of payment and exchange sources.
Fully utilize Hong Kong's financial infrastructure. As an international financial center, Hong Kong has comprehensive financial infrastructure. Enterprises can leverage the mature banking system, payment clearing systems, and blockchain technology platforms, combined with stablecoin payments. For example, through licensed bank account systems in Hong Kong, achieve stablecoin and fiat currency conversion and fund transfers, utilize banks' strict risk control and compliance processes to ensure transaction security, and leverage blockchain technology to improve payment clearing efficiency.
Follow the requirements of each jurisdiction. Given that mainland assets issued in Hong Kong must comply with the requirements of each jurisdiction, mainland enterprises must ensure that underlying assets and business operations simultaneously meet legal norms in mainland China and Hong Kong. Conduct a penetrative review of asset legal attributes, ownership relationships, and operational models. For instance, when conducting cross-border trade settlement based on stablecoins, ensure the trade background is genuine and legal, and fund flows comply with regulatory requirements in both regions to avoid penalties.
The Hong Kong Legislative Council's third reading of the stablecoin bill will play a crucial role in cross-border trade, investment channels, RMB payment clearing, and Hong Kong's financial center status. It will provide more convenient, efficient, and low-cost financial services for overseas enterprises, helping them navigate international markets and achieve sustainable development, while offering more possibilities for future development in Hong Kong, mainland China, and globally.
