Opinion: Hong Kong's proposed stablecoin regulatory framework is more friendly to international issuers such as USDT or USDC

Wang Yang, Vice President of the Hong Kong University of Science and Technology and Chief Scientist of the Hong Kong Web 3.0 Association, and others wrote an article "Issuing Hong Kong Dollar Stablecoins to Build a New Web 3.0 Ecology", which pointed out that after the issuance of the Hong Kong Stablecoin Consultation Summary, the industry is very concerned about the attractiveness of Hong Kong to international issuers such as USDT or USDC. From the available information, Hong Kong's proposed stablecoin regulatory framework is more friendly to international issuers, and there are more open measures than before, which eases the potential burden on international issuers. For example, the consultation summary document does not restrict the types of anchor currencies for stablecoins, and also holds an open attitude towards the deposit of reserve assets in other regions. Considering the friendliness and continuity of Hong Kong's virtual asset policy, as well as Hong Kong's importance in the global financial marekt, Hong Kong's stabl