Xu Zhengyu: Hong Kong is expected to launch regulated stablecoins first in the middle of the year.

According to the information obtained by the Wise Wealth APP, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, Christopher Hui, has stated that the regulatory framework for stablecoin in Hong Kong is steadily progressing. Currently, two licensed stablecoin issuers have entered the preparatory stage before official operation. According to regulatory requirements, relevant institutions must complete technical platform and system testing, and implement various risk management measures, including asset reserve management, asset security assurance, currency stability mechanism, redemption arrangements, and network security, among other key aspects.