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Ta Kung Pao: The vast majority of future RWA transactions in Hong Kong will be completed using compliant Hong Kong dollar stablecoins

Ta Kung Pao: The vast majority of future RWA transactions in Hong Kong will be completed using compliant Hong Kong dollar stablecoins

Bitget2024/08/15 06:38

News on August 15, according to the Hong Kong Ta Kung Pao report, Hong Kong is accelerating the establishment of a stablecoin issuer regulatory system and has recently released a public consultation summary on stablecoin regulation. The report points out that the next stage of development for Web3.0 in Hong Kong and even globally focuses on breaking down barriers between virtual and real worlds, allowing assets and funds to flow freely between two systems. RWA (Real World Assets) are crucial innovations that break down technical barriers and accelerate the integration of virtuality with reality. In the foreseeable future, most RWA transactions in Hong Kong will be completed using compliant HKD stablecoins as carriers, connecting with traditional finance through these stablecoins. Without compliant HKD stablecoins, there would be significant challenges in terms of convenience and security for RWA practices in Hong Kong. Therefore, the introduction of a stablecoin regulatory framework may lay a foundation for innovative development within Hong Kong's RWA ecosystem; as this ecosystem thrives, HKD Stablecoins' role as an external connection bridge for Web3.0 will become increasingly prominent.

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