Hong Kong Financial Secretary: Promote issuers to extend the application of stablecoins to different scenarios.

On June 30, the Financial Secretary of Hong Kong, Paul Chan, published a Secretary's essay titled "A New Era for Asia" stating that the legislation for Hong Kong's stablecoin will come into effect on August 1 this year. The Hong Kong SAR government and financial regulatory authorities will strive to create a favorable market environment, complemented by necessary regulatory measures, to promote issuers to expand the application of stablecoins to various scenarios, helping to address the substantial pain points in business for enterprises and in the daily lives of citizens.