Hong Kong Stablecoin Review Tribunal: Only fiat-backed stablecoins are permitted.

According to Odaily Planet Daily, Lui Chi-hung, a member of the Hong Kong Stablecoin Review Tribunal and the Web3 Development Group, stated that currently only fiat-backed stablecoins are permitted. Applicants must have at least HK$25 million in capital to ensure sufficient financial strength for operation and to cope with market risks. The issuer's fiat currency funds must be invested in highly liquid, low-risk assets to ensure the stablecoin's value is reliably supported. Furthermore, they must provide compliance certification to regulatory authorities through an independent audit. (Aastocks)