TechFlow News, June 15 — According to the Hong Kong government's news website, Financial Secretary Paul Chan stated that the Stablecoin Ordinance has been passed by the Legislative Council and will take effect on August 1. Hong Kong is advancing stablecoin development in a steady and prudent manner, aiming to provide a new paradigm for the global stablecoin market and demonstrating the firewall and testing ground functions under "One Country, Two Systems," offering experience and reference for national financial development.
Hong Kong has adopted a more open model, allowing licensed issuers to choose different fiat currencies as the pegged fiat for issuing stablecoins. This facilitates attracting institutions from various global regions to issue stablecoins in Hong Kong according to real-world use cases, significantly enhancing liquidity of related activities and Hong Kong's market competitiveness.
