许正宇：将于六月底发表第二份发展虚拟资产政策宣言

Core Viewpoint - Hong Kong's Financial Secretary, Xu Zhengyu, announced the upcoming release of the second virtual asset policy declaration by the end of June, emphasizing the importance of stablecoins in addressing economic challenges while ensuring anti-money laundering measures and investor protection [1][2][3]. Group 1: Stablecoin Development - The development of stablecoins is not solely focused on technological applications but aims to address pain points in economic activities, particularly in developing countries facing currency and financial institution challenges [1][2]. - Stablecoins can serve as effective payment tools in regions where local currency transactions may raise concerns for recipients or investors [1][2]. Group 2: Regulatory Framework - The regulatory framework for stablecoins in Hong Kong will follow clear principles, ensuring similar risks are met with similar regulations, akin to those for traditional financial institutions [2]. - The proposed Stablecoin Regulation mandates that issuers maintain sufficient reserves to back the value of unredeemed stablecoins and complete redemption requests within one business day, enhancing investor protection [2]. Group 3: Digital Currency and Economic Integration - The upcoming policy declaration will focus on integrating digital assets with the real economy, moving away from the term "virtual" to better reflect their tangible existence [3]. - There is a distinction between digital currencies issued by central banks and stablecoins, with the former being legally recognized and the latter potentially linked to various fiat currencies [3][4]. Group 4: Internationalization of the Renminbi - The significance of Hong Kong's stablecoin development is linked to the internationalization of the Renminbi, with potential for stablecoins to be pegged to offshore Renminbi [4]. - Companies are increasingly focusing on stablecoins as a means to enhance operational efficiency and facilitate transactions, indicating a shift in business strategy towards adopting stablecoin solutions [4].