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Hong Kong Financial Secretary: Stablecoins Expected to Bring Transformation to Capital Markets
Summary: According to Jinshi's report, Hong Kong Special Administrative Region Financial Secretary Paul Chan Mo-po stated in a blog post on the 29th that financial technology has enormous potential in cross-border trade applications, aiming to address long-standing issues such as slow cross-border payment speeds and high costs, better serving the real economy in the payment field. ...
According to Jinshi's report, Hong Kong Special Administrative Region Financial Secretary Paul Chan Mo-po stated in a blog post on the 29th that financial technology has enormous potential in cross-border trade applications, aiming to address long-standing issues such as slow cross-border payment speeds and high costs, better serving the real economy in the payment field. The recently released 'Digital Asset Development Policy Declaration 2.0' includes promoting application scenarios and cross-border cooperation as one of its four pillars, mentioning stablecoins as a cost-effective alternative outside the traditional financial system with the potential to bring transformation to payment and capital market activities, including cross-border payments. The legislation for stablecoins will take effect on August 1 this year, and the SAR government and financial regulatory agencies will work to create a favorable market environment, along with necessary regulatory measures, to promote the application of stablecoins in various scenarios, helping to address substantial pain points in business operations and citizens' daily lives.
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Link: Hong Kong Financial Secretary: Stablecoins Expected to Bring Transformation to Capital Markets [Copy]
