Hong Kong Department of Justice: The significance of the "Stablecoin Ordinance" lies in supporting the orderly and healthy development of Hong Kong's stablecoin market.

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, uses a "licensing system," "asset savings management," and "technical and behavioral supervision" as its three pillars to build a trustworthy market environment. He pointed out that the significance of the ordinance lies in using a clear and transparent legal mechanism to allow Hong Kong's 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.