Chen Maobo: Hong Kong's stablecoin license plans to give priority to applicants with practical application scenarios, and the risk will not be transmitted to the mainland

In his latest visit, Paul Chan, the Financial Secretary of Hong Kong, said that the development of stablecoins reflects the advantages of one country, two systems. Hong Kong's risks will not be transmitted to the mainland, and it will play the role of a firewall. At the same time, as a test field for stablecoins, Hong Kong's exploration and experience can also be used for reference by the mainland. Stablecoins are not digital assets used for speculation, but payment and stored value tools with practical application scenarios, such as reducing the time of cross-border transfer and bank charges. He revealed that he has received a lot of inquiries and encouraged the market to start from the application scenario, adding that "as long as there are practical application scenarios, priority will be given when licensing".
In addition, stablecoins are currently regulated by the HKMA, while virtual asset trading platform licenses are managed by the Securities Supervision Commission. Chen Maobo said that he is currently personally leading the team to coordinate the regulatory departments to ensure seamless integration of all parties and will not let anything fall into the regulatory gap.