TechFlow news, July 11 — According to Hong Kong Business Daily, Tian Sheng Capital announced plans to apply for a Hong Kong stablecoin license to promote cross-border trade settlement services for the cultural industry. The company will establish a digital asset trading and foreign exchange settlement firm, using stablecoins as digital currency for art transactions and foreign exchange, facilitating the exchange of artworks and cultural relics between Hong Kong, the Middle East, and Southeast Asia.
Matthew Tai, CEO of Tian Sheng Capital, stated that the company will strictly follow the regulatory principle set by Hong Kong's Monetary Authority that "stablecoins should be positioned as payment tools rather than speculative instruments," ensuring that issued stablecoins are fully backed by legal tender reserves.
