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Hong Kong Legislative Council member Wu Jiezhuang made it clear that the development of stablecoins in Hong Kong will be steadily advanced, relying on the unanimously passed "Stablecoin Regulation Draft" to lay a solid compliance foundation for industry development.
1. Legislation Implementation, Compliance First
The "Stablecoin Regulation Draft" underwent 5 months of review and 6 committee discussions, passing with unanimous approval. The bill exceeds 200 pages and improves the regulatory framework for virtual assets; it requires issuers to maintain a 1:1 fiat currency reserve and implement real-name systems for users, solidifying the development foundation.
Hong Kong is advancing regulatory sandbox exploration for compliance pathways, and Ant Group has opened four core Web3 technologies, which have been applied in the green energy sector, issuing $1.2 billion in green RWA products; Wu Jiezhuang is optimistic about RWA development and encourages the industry to innovate using Web3 technologies.
3. Regulatory Upgrade, Balancing Safety and Openness
The Hong Kong Securities and Futures Commission adheres to the "99.5% principle" to ensure the stability of the traditional financial system. The regulatory model is shifting from a "safe closed loop" to a "safe connection," allowing trading platforms to share a "global order book" to facilitate connections to global markets.
4. Institutional Entry, Multi-point Business Breakthrough
JD Coin Chain Technology is preparing to issue a Hong Kong dollar stablecoin, focusing on supply chain finance; Ant Group is laying out through the Jovay public chain to assist RWA issuance; local licensed institution OSL is upgrading its institutional digital asset services, accelerating industry compliance layout.
5. Focusing on Talent, Resolving Structural Contradictions
The number of Web3 enterprises in Hong Kong is increasing, with a surge in developer demand. Hong Kong is promoting a systematic talent strategy; currently, there is an oversupply of speculative talent and a shortage of technical research talent, with core talent relying on overseas imports, necessitating the construction of a complete talent ecosystem.
The development of stablecoins in Hong Kong aims at the international market, planning to issue Renminbi stablecoins based on the advantages of the offshore Renminbi center, aiding the internationalization of the Renminbi; utilizing the characteristics of stablecoins to solve traditional trade finance pain points, aligning with the global digital asset development layout.
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Friday today is such that the crypto market has switched to "red - our favorite color".🙈 BNB - red, BTC - red, ETH is declining as if someone has personally offended it. SOL and DOGE haven’t lagged behind and have collectively supported this parade of drops.
Well then… Friday is red. How about we make Saturday green?😉 I want at least a little positivity because the charts today look like the market woke up in a bad mood.
Meanwhile, I quietly hope that tomorrow not only the market will turn green, but I will finally reach my dream of 30K🔥 subscribers.🥰🥰🥰 Because, to be honest, this is already resembling a quest level "pass if you can".
Wishing everyone a great weekend!🥰🥰🥰 May the charts rise, portfolios bring joy, and subscribers multiply faster than volatility after loud news.🥰🥰🥰 Hugging everyone! 🤗🍀📈