Wu Jiezhuang: Suggesting that Hong Kong stablecoins can learn from the cross-border coordination experience of EU MiCA

Odaily Planet Daily News: Hong Kong Legislative Council member Ng Kit cheung posted on social media that "after years of efforts, the passage of the Stablecoins Ordinance marks a further improvement of Hong Kong's regulatory framework for cryptocurrency, demonstrating the forward-looking role of Hong Kong, China in balancing financial innovation and risk control. As a regulator, the Hong Kong Monetary Authority has a clear positioning for stablecoins - they are payment tools rather than investment products, and this definition helps the public to rationally understand their functional boundaries. The ordinance is based on international standards, sets a high threshold licensing system, emphasizes" substantive application scenarios "and" business sustainability ", which can not only screen compliant and capable issuers, but also avoid market overheating and risk. I think it is particularly worthy of recognition. Yes, the Hong Kong Monetary Authority uses a" sandbox "approach Communicating regulatory expectations with the industry in advance and clearly stating that sandbox participation will not be linked to licenses reflects the rigor and transparency of the approval process. I believe that the future challenge is the effective connection between regulation and practical application scenarios. At present, the settlement of traditional financial systems and stablecoins is still in an adaptation period. In the future, further breakthroughs are needed in the convenience, operability, and prevention of financial risks related to the use of stablecoins, in order to expand the influence of compliant stablecoins in Hong Kong. In addition, I also suggest that Hong Kong can learn from the cross-border coordination experience of the European Union's MiCA, while continuously monitoring market changes and adjusting guidelines in a timely manner. Overall, this move lays the foundation for Hong Kong to consolidate its position as a fintech hub, but a balance needs to be maintained between promotion and risk warning to ensure the steady development of the industry