According to Techub News, according to Cointelegraph, Hong Kong-based stablecoin issuer First Digital Trust said that Hong Kong should speed up the regulation of the digital asset field to avoid falling behind in the rapidly developing industry. Although Hong Kong is committed to becoming a global cryptocurrency center, there are currently only two virtual asset trading platforms with full licenses, Hash Blockchain and OSL Digital Securities, and many other exchanges are still waiting for full operating licenses.

In an interview with Cointelegraph, First Digital CEO Vincent Chok said that Hong Kong’s current more conservative and slow approach to trading regulation is understandable as it prioritizes investor protection. However, he noted that he hopes to see regulation accelerate to ensure that it does not lag behind the pace of development in the industry. First Digital Trust believes that Hong Kong is not yet ready to regulate dollar-backed stablecoins, while Dubai has taken a more global approach. Chok expressed his expectation that Hong Kong will introduce dollar-backed stablecoin regulation in the near future.