Mars Finance News: Hong Kong Financial Secretary Xu Zhengyu stated in a radio program interview yesterday that stablecoins are underpinned by legal tender and can be used for payment through blockchain technology in electronic asset form in the future. Xu Zhengyu said that stablecoin issuers will be regulated by the Hong Kong Monetary Authority, with regulatory principles similar to traditional financial assets. Relevant issuers must comply with regulations on reserve asset management and redemption, including proper segregation of customer assets and completing redemption requests within one working day when requested by stablecoin holders. Xu further added that due to the payment characteristics of stablecoins, when services or projects are conducted in "Belt and Road" regions with significant currency exchange rate fluctuations or immature financial systems, local currency payments may pose certain risks, and stablecoins can be used as an alternative payment method. (Aastocks)
Hong Kong Treasury Secretary Paul Hui: Stablecoin redemption must be completed within one working day
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