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Hong Kong will implement stablecoin regulations in August to encourage applications in multiple fields.

According to the Gate News bot, it was reported that the Financial Secretary of Hong Kong, Paul Chan, stated in his “Asia New Era” column on June 30 that the stablecoin legislation in Hong Kong will officially take effect on August 1 this year.

Chan Mo-po pointed out that the Hong Kong SAR government and financial regulators will strive to create a favorable market environment while formulating necessary regulatory measures. He emphasized that the government will encourage issuers to apply stablecoins in different scenarios to address practical issues in business operations and the daily lives of citizens.

This initiative aims to promote the development of financial technology in Hong Kong while ensuring a healthy and orderly stablecoin market.

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