TechFlow news, August 3 — According to a report by Every Day Economic News, Hong Kong Legislative Council member Ricky Choi, in an exclusive interview, stated that fiat-backed stablecoins must be fully backed 1:1 by highly liquid monetary assets. Currently, the primary function of fiat-backed stablecoins remains international payments, leaving no room for speculation. In formulating the Stablecoin Ordinance, reference was made to regulations such as the U.S., Japan, and the EU's MiCA (Markets in Crypto-Assets Regulation), as well as Singapore's Payment Services Act (PSA). The legislation takes into account international circulation and demand, adhering to both international and national standards. Additionally, Choi emphasized that Hong Kong's stablecoins should not compete for existing product markets but should instead explore new markets.
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