Hong Kong May Issue First Stablecoin License Early Next Year

BlockBeats News, September 3rd, Hong Kong Legislative Councilor Wu Jiezhuang recently stated in an interview that the Hong Kong stablecoin regulation is very strict, with a very limited number of licenses issued. It is possible that a license may be issued early next year. After obtaining the license, compliance with the legal requirements of the application country is also required. In addition, the Hong Kong Legislative Council will also expedite the legislative process for offline OTC next year.

Wu Jiezhuang mentioned that data assets are already a major trend, with many countries and companies including digital assets such as Bitcoin in their reserves. If you act too slowly, the cost of catching up in the competition will only get higher. Lastly, Councilor Wu stated that Hong Kong has no foreign exchange controls, very low taxes, is backed by a gateway to a country of 1.4 billion people, and will further connect to the "Belt and Road Initiative." By leveraging the functions of the Guangdong-Hong Kong-Macao Greater Bay Area, he believes Hong Kong has a unique advantage in developing the Web3 field.