Countdown to the effectiveness of Hong Kong's Stablecoin Regulation

#btc# ETh#pi
Less than half a month remains until the Hong Kong "Stablecoin Regulation" takes effect on August 1. Recently, the market has once again turned its attention to Hong Kong stablecoins, particularly focusing on the effects after their launch and the subsequent impact.
In 2024, the Hong Kong Monetary Authority launched a stablecoin sandbox program - a security mechanism that provides an isolated environment for programs to run in the field of computer security, allowing technical testing in a controlled environment.
At that time, multiple companies entered the Hong Kong stablecoin sandbox program, including: JD Coin Chain Technology ( Hong Kong ) Limited, Round Coin Innovation Technology Limited, Standard Chartered Bank ( Hong Kong ) Limited, Anni Group Limited, and Hong Kong Telecommunications ( HKT ) Limited.
These companies are divided into three groups, among which Standard Chartered Bank, Anni Group, and Hong Kong Telecommunications jointly developed the stablecoin HKDG pegged to the Hong Kong dollar, Yuanbi Innovation Technology developed the stablecoin HKDR, and JD Coin Chain Technology developed the stablecoin JD-HKD.

Currently, stablecoins have not yet received formal legal recognition in mainland China, but many enterprises have shown strong interest. Previously, Ant Group stated that it would apply for stablecoin licenses in Hong Kong and Singapore.
"Stablecoins have brought new possibilities to the payment industry, but the industry is still in its early development stage, facing multiple challenges such as regulation, technology, and market acceptance."