Among them, the most closely watched by the market is the passage of the draft. The Hong Kong Special Administrative Region Government’s Office in Shanghai recently posted on its official wechat account that the draft is expected to come into effect within this year. In the future, anyone who issues fiat “stablecoins” in Hong Kong during the course of their business must apply for a license from the Financial Commissioner. Only fiat “stablecoins” issued by licensed issuers can be sold to retail investors.

The computer team of CITIC Securities recently released an opinion stating that the release of the “Draft” fills the regulatory gap of virtual assets and enhances investors’ trust. Compliant and transparent “stablecoins” are expected to play an indispensable role as “engines” and “cornerstones” in the RWA (Real Asset Tokenization) ecosystem, accelerating the process of converting various real assets into digital tokens through blockchain technology.