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香港国际金融学会会长宋敏:“制度先行”有助于香港探路稳定币发展路径 应锚定跨境贸易等实体经济“主战场”
Mei Ri Jing Ji Xin Wen·2025-07-30 22:58

Core Viewpoint - The implementation of the "Stablecoin Regulation" in Hong Kong is set to take effect on August 1, 2025, which is expected to significantly impact the development of stablecoins and the internationalization of the Renminbi [1][6]. Group 1: Regulatory Framework and Development Path - The emergence of stablecoins is a result of technological advancements, but regulation is essential to ensure stability and security [4][6]. - Unlike the "develop first, regulate later" approach seen with US dollar stablecoins, China is adopting a "regulate first, then allow" strategy, emphasizing the importance of establishing a regulatory framework [6][7]. - The regulatory framework in Hong Kong is relatively simple, making it an ideal location for exploring stablecoin development, especially for offshore Renminbi [7][8]. Group 2: Application Scenarios for Stablecoins - The primary application of Hong Kong stablecoins is expected to be in cross-border trade settlements, leveraging Hong Kong's role as a major trade hub [9][10]. - Stablecoins can also facilitate the digitization of Real World Assets (RWA), providing a new payment and valuation tool for the real economy [3][10]. - Other potential applications include digital financial products and retail payments, although caution is advised in the latter to protect monetary sovereignty [11][12]. Group 3: Role of Hong Kong in Renminbi Internationalization - Hong Kong plays a crucial role in the internationalization of the Renminbi, with a significant offshore Renminbi funding pool of approximately 1 trillion yuan, accounting for about two-thirds of the global offshore Renminbi market [12][13]. - The city is positioned as the primary platform for Renminbi-denominated financial products, which is essential for attracting international capital and promoting Renminbi internationalization [12][13]. - The development of more Renminbi-denominated financial products in offshore markets is seen as a key breakthrough for the internationalization of the currency [14].