Hong Kong's Deputy Secretary for Justice, Cheung Kwok-kwan: "The Stablecoin Ordinance" is based on three pillars: a licensing system, asset reserve management, and conduct regulation.
Powered by ChatGPTThe event "Strategic Decoding of Hong Kong's Stablecoin Ordinance," hosted by Phoenix Satellite Television and Deloitte China, with strategic support from BOC International Securities and $ONE SATOSHI, focused on the "Stablecoin Ordinance" which is set to take effect on August 1. Deputy Secretary for Justice Cheung Kwok-kwan stated that the "Ordinance" will build a reliable market environment through three pillars: a licensing system, asset reserve management, and behavioral supervision. Deputy Secretary for Financial Services and the Treasury Joseph Chan Ho-lim introduced the "LEAP" framework in the "Policy Statement on Development of Virtual Assets 2.0," stating that it will promote the construction of a sustainable digital asset ecosystem in Hong Kong. [Wu Blockchain]