HK Stock Market Move | STANCHART (02888) rose nearly 5% in early trading, the EU may release new regulations on stablecoins, and Standard Chartered Hong Kong plans to issue a Hong Kong dollar stablecoin.

STANCHART (02888) rose nearly 5% in early trading, and as of the time of writing, it is up 3.62% to 134.6 Hong Kong dollars, with a trading volume of 92.2184 million Hong Kong dollars. On the news front, according to media reports on Wednesday, the European Union's executive body plans to issue formal guidance suggesting that stablecoins issued outside the EU will be considered interchangeable with those of the same brand circulating only in the EU market, enjoying "equal treatment". In addition, Hong Kong Financial Secretary Paul Chan Mo-po stated that the legislation on stablecoins will come into effect on August 1 this year. The SAR government and financial regulators will work towards creating a favorable market environment, coupled with necessary regulatory measures to promote the application of stablecoins in different scenarios and help address real pain points in business operations and daily lives of citizens. It is worth noting that Ma Fei, Chief Digital Assets and Fintech Officer at Standard Chartered Hong Kong, stated in May of this year, "We welcome the Legislative Council's passage of the draft Stablecoin Bill, and look forward to the formal implementation of the regulations later this year, while also consolidating Hong Kong's position as an international financial center. As previously announced, Standard Chartered Hong Kong is partnering with ANX International and Hong Kong Telecom to establish a joint venture company, with the hope of applying for a license from the Hong Kong Monetary Authority to issue stablecoins pegged to the Hong Kong dollar under the new regulatory regime. With the relevant draft gaining approval, we are accelerating our preparations and will announce more details in due course."