Hong Kong Legislative Council member Qiu Dagen: There is no opportunity for speculation in stablecoins, and the regulations will be formulated with reference to peers in the United States, Japan, Singapore and the European Union.

According to ChainCatcher and daily economic news, Hong Kong legislator Qiu Dagen stated in an exclusive interview that the core feature of fiat stablecoins is that they must be 100% backed by highly liquid monetary assets, and their primary function is currently international payments, with no opportunity for speculation.

During the drafting of the "Stablecoin Regulation", references were made to regulations from the United States, Japan, the European Union's MiCA (Markets in Crypto-Assets Regulation), Singapore's Payment Services Act (PSA), with legislation considering international circulation and demand, following international and national standards.

Additionally, Qiu Dagen emphasized that Hong Kong's stablecoins should not compete with existing products, but instead explore new markets.