TechFlow news: Hong Kong Legislative Council member Ng Ka-chung stated that this afternoon the Monetary Authority issued a consultation on the regulation of stablecoin issuers in Hong Kong, outlining proposed directions and management approaches. While he welcomed the move to promote the development of the virtual asset industry in Hong Kong, he raised the following three points:
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He pointed out that the policy does not adequately consider integration with international stablecoin companies, calling for consideration of how such international stablecoins could be traded on Hong Kong exchanges.
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He noted that the policy fails to mention specific use cases for stablecoins, particularly their application in real-world and daily transactions.
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He highlighted that the policy does not specify fees or processing times for stablecoin redemption, urging regulatory clarity on these aspects.
