#HongKong #Stablecoin Licensing Takes Effect Aug. 1 as Yuan Competition Intensifies


Hong Kong will become the first jurisdiction with a comprehensive stablecoin regulatory framework as legislation activates on Aug. 1.


Financial Secretary Paul Chan highlighted the city's processing of 80% of global offshore yuan transactions as a strategic advantage.


China's central bank governor Pan Gongsheng acknowledged that stablecoins are reshaping global payment infrastructure in this policy shift.


A   JD.com executive suggested that developing yuan-pegged stablecoins will help secure its position among the competitive next generation of international currencies.


Hong Kong Monetary Authority's sandbox includes Standard Chartered, Animoca Brands and other major participants testing #stablecoin issuance.


The U.S. Senate's #GENIUS Act has advanced to the House while Hong Kong establishes regulatory leadership in digital asset legislation.

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June 23, 2025 at 2:21 PM