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Hong Kong Department of Justice: The significance of the "Stablecoin Regulation" lies in supporting the orderly and healthy development of the Hong Kong stablecoin market
BlockBeats News, July 31st. According to the Hong Kong Commercial Daily, Hong Kong's Deputy Solicitor General, Kenneth Zhang, stated that the upcoming "Stablecoin Regulations," which will take effect on August 1st, are based on three pillars: a "licensing system," "asset reserve management," and "technology and behavior regulation," aiming to establish a trusted market environment. He emphasized that the significance of the regulations lies in establishing a clear and transparent legal framework to enable the orderly and healthy development of Hong Kong's stablecoin market, while maintaining the international market's confidence in Hong Kong as a leading global financial center. In the future, efforts will continue to deepen collaboration with the mainland and international markets in various areas, utilizing international legal and other professional services to support mainland and overseas companies in expanding their businesses through Hong Kong's international financial platform.
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