PANews reported on June 8th that according to Zhitong Finance, on June 6th, the Hong Kong Special Administrative Region government published the "Stablecoin Ordinance (Commencement Date) Notice" in the Gazette, specifying August 1st, 2025 as the implementation date for the Stablecoin Ordinance (Chapter 656). On June 7th, Christopher Hui, Secretary for Financial Services and the Treasury, stated in an interview that stablecoins are underpinned by legal tender and can be used for payment functions in the future through electronic assets and blockchain technology.
Hui noted 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 to meet user requirements.
Discussing potential application scenarios for stablecoins, Hui provided an example: since stablecoins have payment characteristics, when services or projects are conducted in "Belt and Road" regions with significant currency exchange rate fluctuations or less mature financial systems, using local currency for payment might involve certain risks, so parties could use stablecoins for payment purposes.
