📢 RD Technologies warmly congratulates the passage of the Stablecoins Bill in its third reading — ushering in a new era of Web3 in Hong Kong!

Today, Hong Kong has taken a major step forward in developing Web3 with the Legislative Council’s official third reading approval of the 2024 Stablecoin Issuers Regulation Bill, establishing a clear regulatory framework for stablecoin issuance, including:

✅ Licensed issuers must maintain a robust stablecoin mechanism, ensuring reserve assets are high-quality, highly liquid, fully backed 1:1 by fiat stablecoins in circulation, and properly segregated and safeguarded.

✅ Stablecoin holders have the right to redeem stablecoins at face value without fees, and redemptions must be processed within a reasonable timeframe.

✅ Compliance with anti-money laundering (AML), risk management, disclosure, and appropriate auditing requirements.

✅ Stablecoins must be traded on licensed virtual asset trading platforms.

🎯 As a participant in the HKMA’s Stablecoin Regulatory Sandbox, RD Technologies has been actively exploring the compliant issuance and practical applications of stablecoin — since last year, driving technology implementation and innovative use cases.

We believe this legislation marks a new beginning. The true value lies in real-world applications such as:

🔹 Faster, more secure cross-border settlements

🔹 Easier retail payments and B2B transactions

🔹 Injecting new Web3 momentum into traditional finance

🌍 RD Technologies is committed to advancing stablecoin innovation across Asia and globally!

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#RDTechnologies #StablecoinRegulation #HKDR #HKMA #Web3 #Fintech #Compliance #Innovation

HK Government Press Release:
https://t.co/DKNCnDRyAK

HKMA Press Release:
https://t.co/LSq2LU0Hxl