Hong Kong Legislative Councilor Wu Chi-chuang tweeted that the passage of the "Stablecoin Regulation" marks a further improvement in Hong Kong's regulation of encrypted assets. The regulation is based on international standards, establishes a high threshold licensing system, emphasizes application scenarios and business sustainability, and positions stablecoins as payment tools by the Hong Kong Monetary Authority, and communicates regulatory expectations with the market through a "sandbox mechanism." He pointed out that the key in the future is the effective connection between stablecoins and the traditional financial system, and suggested that Hong Kong could learn from the experience of the EU MiCA and strengthen cross-border coordination.
