TechFlow news, July 31 — According to Hong Kong Commercial Daily, Deputy Secretary for Justice of Hong Kong Mr. Zhang Guoqian stated that the upcoming "Stablecoin Ordinance," effective August 1, will establish a trustworthy market environment based on three pillars: "licensing system," "asset reserve management," and "technology and conduct supervision." He emphasized that the significance of the ordinance lies in creating a clear and transparent legal framework to ensure orderly and healthy development of Hong Kong's stablecoin market, thereby maintaining international confidence in Hong Kong as a world-leading financial center. Going forward, Hong Kong will continue deepening collaboration with Mainland China and international markets across various fields, leveraging internationalized legal and other professional services to support both Mainland and overseas enterprises in utilizing Hong Kong's global financial platform for business expansion.
