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Hong Kong's stablecoin regulations countdown to effect
#btc ETh#pi
With less than half a month to go before the Hong Kong "stablecoin regulations" take effect on August 1, the market has recently seen renewed interest in Hong Kong stablecoins. In particular, there is a focus on the effects after the launch and the subsequent impacts.
In 2024, the Hong Kong Monetary Authority launched a stablecoin sandbox program - a security mechanism that provides an isolated environment for program operation in the field of computer security, allowing for technical testing in a controlled environment.
At that time, several 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 enterprises are divided into three groups, among which Standard Chartered Bank, Anli Group, and Hong Kong Telecommunications jointly developed the stablecoin HKDG, Yuan Coin 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 companies 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 stages of development and faces various challenges such as regulation, technology, and market acceptance."