Hong Kong Elevates Innovation, Establishes Legal Framework for Cryptocurrency
On June 23, Hong Kong's Financial Secretary, Mr. Paul Chan, emphasized the importance of continuous innovation at a forum on June 21. He affirmed: "As an international financial center, Hong Kong must continuously reform to increase global competitiveness."
Promoting Digital Asset Development
Hong Kong has shown proactiveness in supporting digital asset development, especially in the cryptocurrency field. In recent years, the digital asset exchange licensing system has issued 10 licenses, while reviewing 8 new registration applications. This not only expands the trading ecosystem but also increases investor confidence in transparent and safe standards.
Issuing Regulations on Stablecoin – A Breakthrough in the Cryptocurrency Market
A key highlight is that Hong Kong has just completed issuing laws for stablecoin – a cryptocurrency pegged to a stable price. The law will officially take effect from August 1, making Hong Kong one of the global legal pioneers with a clear regulatory framework for stablecoin.
This regulation not only ensures safety for users and issuers but also promotes sustainable development of digital assets in the traditional financial system.
Impact and Future Prospects
The newly completed legal framework paves the way for a more transparent and efficient cryptocurrency ecosystem. Investors can feel more assured when participating in the market with protection from strict legal policies. Simultaneously, Hong Kong reinforces its position as an international financial center, attracting private and institutional capital while getting ahead of the global digital transformation trend.
With this effort, Hong Kong is not only pioneering the creation of a legal environment for cryptocurrency but also setting new standards for harmony between digital technology and the traditional financial system. This is an important shard to promote the strong development of cryptocurrency on the global financial map.
