Hong Kong has established a licensing system through the Stablecoin Ordinance to promote financial innovation

According to ChainCatcher, Dr. Zhang Guojun, deputy director of the Department of Justice of Hong Kong, said at the forum that the Basic Law of Hong Kong guarantees the free circulation of capital and funds, and investment and commercial activities are strictly regulated and guaranteed. The "Stablecoin Regulations" passed this year establishes a licensing system for the issuance of stablecoins, and promotes financial innovation by improving the regulatory framework for virtual asset activities and effective risk control.