TechFlow news, October 29 — According to Aastocks, Hong Kong SAR Government Secretary for Justice Paul Lam stated that virtual asset trading has become increasingly active, with most transactions conducted via virtual asset trading platforms. Many investors place their virtual assets on these platforms to earn returns. In recent years, "stablecoins"—digital assets pegged to fiat currencies—have rapidly emerged. Anyone issuing fiat-backed stablecoins in Hong Kong, or issuing stablecoins pegged to the Hong Kong dollar either in Hong Kong or overseas, must obtain a license from the Monetary Authority. License applicants must meet requirements regarding reserve asset management and redemption, including proper segregation of customer assets and maintaining sound stability mechanisms.
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