According to BlockBeats, on August 15, according to the Hong Kong Ta Kung Pao, Hong Kong is accelerating the establishment of a regulatory system for stablecoin issuers and recently released a summary of public consultation on stablecoin regulation.
The report pointed out that the next stage of development of Web3.0 in Hong Kong and even the world is to break the barriers between the virtual world and the real world, so that assets and funds can flow freely between the two systems. RWA is an important innovation that breaks down technical barriers and accelerates the integration of virtual and real worlds.
In the foreseeable future, the vast majority of RWA transactions in Hong Kong will be completed with compliant Hong Kong dollar stablecoins as the carrier, and the connection and interoperability with traditional finance will be completed through stablecoins. Without compliant Hong Kong dollar stablecoins, Hong Kong RWA practices will face huge challenges in terms of convenience and security. Therefore, the introduction of a stablecoin regulatory framework may lay the foundation for the innovative development of Hong Kong's RWA ecosystem, and with the prosperity of the RWA ecosystem, the role and value of Hong Kong dollar stablecoins as a bridge for Hong Kong Web3.0 to connect to the outside world will become more prominent.
