According to TechFlow, Jason Jiang, a senior researcher at OKG Research, recently wrote in Wu Blockchain that Hong Kong is one of the first jurisdictions in the world to impose regulations on stablecoins. Compared with the European Union, Japan and Singapore, its regulatory framework has stricter requirements in some aspects (such as financial resource requirements), but while ensuring the effectiveness and leadership of supervision, it still maintains a high degree of flexibility and openness, striving to strike a balance between effective investor protection and providing potential issuers with greater room for innovation.

However, although the consultation summary has adjusted the financial resource requirements for issuers, there is still great financial pressure for many small and medium-sized institutions. Stablecoin issuers need to maintain full reserves at all times, which also places higher requirements on corporate fund management and liquidity. Jason believes that in addition to compliance costs and technical challenges, application scenarios may become the biggest challenge for issuers. If there is no sufficient application scenario support and simply copying the existing US dollar stablecoin business model, Hong Kong's stablecoin may find it difficult to establish a competitive advantage.