Hong Kong Stablecoin Review Tribunal: Only allows Fiat-Collateralized Stablecoins, Applicants Capital Requirement is 25 Million Hong Kong Dollars

BlockBeats News, November 21st, according to Aastocks report, Daniel Lai, member of the Hong Kong Stablecoin Oversight Committee and Web3 Development Group, stated that currently, Hong Kong only allows fiat-collateralized stablecoins backed by legal tender. Applicants must have a minimum capital of at least 25 million Hong Kong dollars to ensure they have sufficient financial strength to operate and address market risks. The issuer's fiat funds must be invested in highly liquid, low-risk assets to ensure the stablecoin's value is reliably supported. Additionally, they must undergo an independent audit and provide regulatory compliance proof to the regulatory authority.