TechFlow news, September 6 — According to Caixin, as stablecoins have rapidly developed globally in the first half of the year, many believe stablecoins offer greater potential for RMB internationalization. With Hong Kong's Stablecoin Ordinance set to take effect on August 1, 2025, discussions about using RMB-backed stablecoins to counter dollar dominance continue to emerge. A Hong Kong-based blockchain practitioner in cross-border trade stated that under Hong Kong regulations, if stablecoins are used as value-transfer tools for cross-border payments, their functions involving conversion into fiat currencies or remittance fall under "money service" as defined by the Anti-Money Laundering Ordinance, requiring an MSO (Money Service Operator) license issued by Hong Kong Customs.
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