Hong Kong Financial Secretary: Licensed issuers are allowed to choose different fiat currencies as the anchor currency for stablecoins

BlockBeats News, on June 15, Hong Kong Financial Secretary Paul Chan Mo-po published a blog titled "Accelerating the Pace, Sailing Steadily Ahead." He highlighted that the development of digital assets has driven related businesses within financial institutions. Last year, the total transaction volume of digital assets and related products in Hong Kong's local banks reached HKD 17.2 billion, and as of the end of last year, the total amount of digital assets under bank custody reached HKD 5.1 billion.

The "Stablecoin Ordinance" has been passed by the Legislative Council and will come into effect on August 1. Hong Kong is prudently promoting stablecoin development, aiming to provide a new paradigm for the global stablecoin market. This also reflects the "one country, two systems" framework, serving as both a firewall and a testing ground, offering experience and insights for the nation's financial development. For instance, Hong Kong has adopted a more open model, allowing licensed issuers to choose different fiat currencies as the pegged fiat currency for issuing stablecoins. This approach is conducive to attracting more institutions from various regions worldwide to issue stablecoins in Hong Kong based on practical application scenarios, significantly enhancing the liquidity of related activities and the competitiveness of the Hong Kong market.