Odaily News Hong Kong Financial Secretary Paul Chan Mo-po published his essay "Speeding Up and Sail Steadily", in which he pointed out that the development of digital assets has driven the related business of financial institutions. Last year, the total transaction volume of digital assets and related products of local banks in Hong Kong reached HK$17.2 billion, and the total amount of digital assets held in custody by banks at the end of last year reached HK$5.1 billion.
The previously proposed "Stablecoin Ordinance" has been passed by the Legislative Council. Hong Kong has steadily and prudently promoted the development of stablecoins, providing a new paradigm for the global stablecoin market. It also reflects the function of firewall and test field under the "one country, two systems" policy, and provides experience and reference for national financial development. For example, Hong Kong has adopted a more open model, allowing licensed issuers to choose different legal tender currencies as the anchor legal tender for issuing stablecoins. This will help attract more local institutions around the world to issue stablecoins in Hong Kong according to actual application scenarios, which will greatly improve the liquidity of related activities and the competitiveness of the Hong Kong market.