Hong Kong Financial Development Council Chairman Hong Pizheng: Stablecoins should not be used as short-term speculative tools. Regulatory system to be launched in August

Hong Kong Financial Development Council Chairman Hong Pizheng stated that stablecoins should not be used as short-term speculative tools, but rather as a long-term battle, with the key being to promote the digitization of payment infrastructure and asset markets. Hong Kong will officially implement a stablecoin regulatory system on August 1st, providing a clear compliance framework that will help attract global institutions to conduct issuance, custody, and trading businesses in Hong Kong. Hong Kong does not intend to compete with the US dollar stablecoin, but rather focuses on consolidating its strategic positioning in financial technology infrastructure. (Hong Kong Economic Times)