Hong Kong's Deputy Secretary for Justice: "Stablecoin Ordinance" builds a credible market environment with three pillars

On July 31, according to the Hong Kong Commercial Daily, Hong Kong's Deputy Secretary for Justice Cheung Kwok-kwan stated that the upcoming Stablecoin Ordinance, which will take effect on August 1, will build a trustworthy market environment with three pillars: "licensing system," "asset savings management," and "technical and behavioral supervision." He pointed out that the significance of the ordinance lies in using a clear and transparent legal mechanism to allow the Hong Kong stablecoin market to develop in an orderly and healthy manner, and to maintain the international market's confidence in Hong Kong as a world-leading financial center. In the future, it will continue to deepen the linkage with the mainland and international markets in different fields, and use international legal and other professional services to support mainland and overseas enterprises to expand their business using Hong Kong's international financial platform. [Techflow]