🤑 Stablecoin Frenzy Hits Hong Kong! 🤑

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Oh my, oh me! It seems the world has gone utterly bonkers for stablecoins! 🤯 And Hong Kong, not one to be left behind, is jumping on the bandwagon with gusto! The clever folks in charge have decided to speed up their licensing framework, because, well, who doesn’t want a slice of that delicious stablecoin pie? 🍰

According to the Financial Secretary, Paul Chan (a man who clearly knows his stuff), Hong Kong is aiming to launch its shiny new stablecoin licensing rules by August 1, 2025. And, might I add, it’s about time too! ⏰

Chan says it’s all part of a grand plan to make Hong Kong the bee’s knees in digital finance. And why not? With the digital asset market booming like a firework on Chinese New Year, it’s the perfect time to get in on the action! 🎇

“The market demand for stablecoins is expected to increase further,” Chan said, with a sly grin, no doubt. And who can blame him? With a global market cap of US$240 billion and over US$20 trillion in annual trading volume, it’s a veritable gold rush! 💸

“This will help attract more institutions from different parts of the world to issue stablecoins in Hong Kong according to actual application scenarios, which will greatly enhance the liquidity of related activities and the competitiveness of the Hong Kong market,” he noted, with a flourish of his pen.

Now, 🌟

And, come August, the Hong Kong Monetary Authority (HKMA) will be ready to process license applications faster than you can say “stablecoin” three times in a row! To get the thumbs up, issuers will need to meet risk and anti-money laundering compliance standards and prove real-life use cases for their stablecoins. Easy peasy, lemon squeezy! 🍋

But wait, there’s more! Other Asia-Pacific regions are also getting in on the stablecoin action. In South Korea, lawmakers are pushing for a legal framework to support Korean won-pegged stablecoins. It’s a stablecoin party, and everyone’s invited! 🎉

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2025-06-16 10:14