The Hong Kong Special Administrative Region officially implemented the "Stablecoin Ordinance" on August 1, marking a significant advancement in the regulatory framework for digital money in the region. According to reliable sources, local issuing banks in Hong Kong, such as Bank of China ( Hong Kong ) and Standard Chartered Bank ( Hong Kong ), are expected to be among the first financial institutions to apply for stablecoin issuer licenses. This initiative not only aligns with the strategic development needs of these institutions but also meets the expectations of the regulatory authorities.

Apart from the issuing banks, Chinese banks, enterprises participating in the regulatory sandbox testing, large central enterprises, and state-owned enterprises, as well as internet giants holding payment licenses, have also shown great interest and are ready to take action. At the same time, the role of securities companies in the stablecoin ecosystem is gradually becoming clearer. They are expected to mainly participate in the trading, custody, financing, and consulting of stablecoins, and provide clients with digital asset allocation services related to the tokenization of traditional assets.

It is noteworthy that the virtual asset trading sector is also showing a vigorous development trend. As of now, 44 brokerages and other institutions have successfully upgraded their virtual asset trading licenses, an increase of 3 compared to the end of June, demonstrating the confidence and expectations of market participants regarding the prospects of digital assets in Hong Kong.

This series of developments indicates that Hong Kong is actively building a comprehensive and standardized digital money ecosystem, providing new development opportunities for various Financial Institutions and technology companies. With the implementation of the stablecoin regulatory framework, Hong Kong is expected to further consolidate its position as an international financial center and occupy an important place in the global digital money innovation wave.