According to ChainCatcher, Hong Kong's Financial Secretary Chan Mo-po published an essay titled "Accelerating Forward and Sailing Steadily", pointing out that the development of digital assets has driven related business for financial institutions. Last year, the total transaction amount of digital assets and related products by local banks in Hong Kong reached 17.2 billion Hong Kong dollars, and the total digital assets under bank custody by the end of last year reached 5.1 billion Hong Kong dollars.
The "Stablecoin Regulation" has been passed by the Legislative Council and will take effect on August 1st. Hong Kong is cautiously promoting stablecoin development, providing a new paradigm for the global stablecoin market, and demonstrating the firewall and experimental field functions under the one country, two systems principle. It will provide experience and reference for the country's financial development. For example, Hong Kong has adopted a more open model, allowing licensed issuers to choose different fiat currency denominations as the anchor for stablecoin issuance, which is conducive to attracting more global institutions to issue stablecoins in Hong Kong based on actual application scenarios, thereby significantly improving liquidity and market competitiveness.
