TechFlow, June 29 — According to Jinshi News, Hong Kong SAR Government Financial Secretary Paul Chan Mo-po wrote in a blog post on the 29th that fintech holds significant potential in cross-border trade applications, aiming to address long-standing pain points such as slow speed and high cost in cross-border payments, thus better serving the real economy in the payment sector. Last week's release of the "Digital Assets Development Policy Statement 2.0" identified "advancing use cases and cross-sector collaboration" as one of its four pillars, noting that stablecoins offer a cost-effective alternative outside traditional financial systems and have the potential to transform payment and capital market activities, including cross-border payments.
The legislation on stablecoins will take effect on August 1 this year. The SAR government and financial regulators will strive to create a favorable market environment, complemented by necessary regulatory measures, to encourage issuers to expand stablecoin applications across various scenarios, helping to resolve practical pain points in business operations and daily life.
