According to Odaily Planet Daily, Hong Kong's Deputy Secretary for Justice, Zhang Guojun, stated that the Stablecoin Ordinance, which will take effect on August 1, will establish a clear and transparent legal framework through three pillars: a licensing system, asset reserve management, and technical and behavioral supervision, fostering an orderly and healthy stablecoin market. He noted that the ordinance will help strengthen international market confidence in Hong Kong as a global financial center.

Zhang Guojun also mentioned that Hong Kong will continue to deepen its cooperation with the mainland and international markets in the future, using legal and other professional services to support Chinese and foreign companies in developing their businesses in Hong Kong. (Hong Kong Commercial Daily)