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Ping An Securities: Hong Kong may adopt dual-track regulation for stablecoins
Summary: According to Ping An Securities, Hong Kong may establish a dual-track regulatory framework of 'USD stablecoins connecting to the international market + HKD stablecoins linking to the mainland', consolidating the financial attributes of the Hong Kong dollar and providing a 'testing ground' for the internationalization of the RMB. Hong Kong's definition of stablecoins is broad ...
According to Ping An Securities, Hong Kong may establish a dual-track regulatory framework of 'USD stablecoins connecting to the international market + HKD stablecoins linking to the mainland', consolidating the financial attributes of the Hong Kong dollar and providing a 'testing ground' for the internationalization of the RMB. Hong Kong's definition of stablecoins is broad and not limited to a specific type of fiat currency stablecoin. With the rapid development of the stablecoin market in Hong Kong, it is expected that the market share of non-USD stablecoins will gradually increase, potentially driving the establishment of a unified international regulatory system in the future. Additionally, Ping An Securities' report mentions that the jurisdiction of Hong Kong covers regulated stablecoin business activities not only involving the issuance of designated stablecoins in Hong Kong, but also activities involving the issuance of stablecoins anchored (or partially anchored) to the Hong Kong dollar outside of Hong Kong. China is actively positioning itself in the stablecoin market, which could inject new momentum into the internationalization of the RMB and break the monopoly position of USD stablecoins. (Hong Kong Wen Wei Po)
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