Hong Kong Financial Development Council Chairman Hong Pizheng: Stablecoins should not be used as short-term speculative tools, regulatory system will be launched in August.

On July 20, Jin10 reported that the Chairman of the Hong Kong Financial Development Council, Hong Pizheng, stated that stablecoins should not be used as short-term speculative tools, but rather as part of a long-term strategy, with the key being the promotion of digitalization in payment infrastructure and asset markets. Hong Kong will officially implement the stablecoin regulatory system on August 1, providing a clear compliance framework that will help attract global institutions to conduct issuance, custody, and trading businesses in Hong Kong. Hong Kong does not intend to compete with US dollar stablecoins, but rather focuses on consolidating its strategic positioning in financial technology infrastructure.