Tether and its parent company iFinex were both registered in Hong Kong

Odaily News Tether and its parent company iFinex were both registered in Hong Kong and are closely related to Bitfinex, one of the world's largest cryptocurrency trading platforms. In a radio interview yesterday, the Secretary for Financial Services and the Treasury of the SAR Government, Paul Hui, said that the SAR Government will regulate the issuers of such stablecoins in the future, and will regulate two aspects at the same time, including custodians and over-the-counter transactions of virtual assets.
Tether Hong Kong has two board members, Giancarlo Devasini, Tether's CFO and one of the co-founders of Bitfinex; the other is JL van der Velde, Tether's former CEO and current CEO of Bitfinex.
Currently, USDT is widely used in cryptocurrency exchanges and over-the-counter (OTC) markets in Hong Kong, becoming an important tool for cross-border capital flows and one of the cryptocurrencies commonly used in illegal activities. Wu Jiezhuang, a member of the Legislative Council of the Hong Kong Special Administrative Region, said that USDT has high stability and low price volatility, providing investors and traders with a reliable value storage tool. It is supported by almost all major cryptocurrency exchanges in the world, and with fast transaction speeds and low handling fees, it is particularly suitable for cross-border trade payments. "Although there are other stablecoins on the market, USDT has seized the market opportunity by being issued earlier." (Wen Wei Po)