Hong Kong Financial Secretary: Stablecoins are expected to bring changes to the capital market

Odaily News Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region Government, published a blog on the 29th, saying that financial technology has great potential for cross-border trade applications. The goal is to solve long-standing pain points such as slow cross-border payment speeds and high costs, and better serve the real economy in the payment field. The "Digital Asset Development Policy Declaration 2.0" released last week, one of the four pillars is "promoting application scenarios and cross-sector cooperation", which mentions that stablecoins are cost-effective alternatives outside the traditional financial system and have the potential to bring changes to payment and capital market activities, including cross-border payments. The law on stablecoins will take effect on August 1 this year. The SAR government and financial regulators will strive to create a favorable market environment, coupled with necessary regulatory measures, to encourage issuers to promote the application of stablecoins to different scenarios, helping to solve the real pain points in business and citizens' lives. (Jinshi)