Financial Secretary of Hong Kong: Market demand for stablecoins is expected to increase further, the Monetary Authority will process licensing applications promptly after relevant regulations take effect.

Hong Kong Financial Secretary Paul Chan stated that the "Stablecoin Regulation" has been passed by the Legislative Council, establishing a licensing system for stablecoin issuers, and will take effect on August 1, becoming one of the recent market's highly focused areas. It is estimated that the total market value of stablecoins globally is around $240 billion, with last year's global stablecoin trading volume exceeding $20 trillion. With the vigorous development of the digital asset market, the demand for stablecoins is expected to further increase. Currently, many market participants are very interested in this. After the regulation takes effect, the Hong Kong Monetary Authority will promptly process received license applications so that qualified applicants can carry out their businesses. Hong Kong is prudently promoting the development of stablecoins, providing a new paradigm for the global stablecoin market, and also reflecting the functions of Hong Kong as a "firewall" and "test field", providing experience and reference for national financial development. According to requirements, issuers must not only comply with a series of risk management, anti-money laundering requirements, but also provide specific business justifications, such as application scenarios, explaining how their stablecoin business can effectively solve pain points in economic activities and closely integrate financial innovation services with the real economy to promote the sustainable development of the industry.