Hong Kong to implement stablecoin ordinance in sustainable manner: HKMA chief
Hong Kong's Stablecoins Ordinance will come into effect on Aug. 1. Yue said that given the merits of stablecoins as an emerging payment instrument and their gradual integration into the mainstream financial system as regulation takes shape, it is necessary to guard against undue speculation caused by market and public opinions.
Judging the market and public excitement over the past month, it seems necessary to further rein in the euphoria, he said.
In regard to guarding against financial risks, as an international financial center, Hong Kong is widely recognized for its prudent regulatory standards. In light of shared international regulatory concerns, more stringent requirements will be imposed in respect of anti-money laundering to minimize the risks of stablecoins being used as a money laundering tool. This is to ensure the orderly and healthy development of Hong Kong's stablecoin market, Yue said.
Yue said that regulation is an art of balancing divergent objectives. More stringent regulatory requirements will inevitably limit the room for stablecoin businesses to scale rapidly in the short term.
However, it is better for regulated stablecoin business, which is still in its infancy, to start with stricter regulations to ensure sound operation, he added.
Yue pointed out that the HKMA also recognizes the importance of ensuring that the regulatory requirements are necessary and reasonable to create room for issuing entities to stand on their feet and thrive.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Borneo Post
4 hours ago
- Borneo Post
China's R&D-to-market pipeline emerges as global innovation magnet
A staff member (R) of Westwell, a Chinese technology company, introduces a Q-Tractor P40 Plus new energy unmanned vehicle to a visitor during its debut at the 2025 World AI Conference in east China's Shanghai, July 27, 2025. – Xinhua photo BEIJING (July 29): For Liu Qing, director of the National Innovation Center par Excellence (NICE), the first half of 2025 has been an exceptionally busy but rewarding period to expand China's global research footprint. Through efforts like hosting science and innovation forums in countries including Denmark and Australia, the center added 11 new overseas strategic partners during the six months, bringing the total number of its international partners close to 100. 'The market prospects for industrial development in China are indeed attractive to overseas scientists,' said Liu, while speaking on the latest episode of China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency. 'They see it as a place to truly make their results serve humanity.' Behind the center's successful global push lies China's rapidly advancing innovation ecosystem — which puts emphasis not only on research and development (R&D), but also on the commercialization and industrialization of new technologies. Official data showed that China's R&D expenditure exceeded 3.6 trillion yuan (about 503.73 billion U.S. dollars) in 2024, ranking second in the world. Notably, enterprises played a key role in driving such innovation. Data reveals that the corporate sector contributes over 75 percent of national R&D spending and employs more than 75 percent of R&D personnel. These expenditures have turned into tangible breakthroughs. In the fields of quantum technology, life sciences and artificial intelligence, China saw significant recent progress — with many of its industries leading the world. 'Our innovations fuse scientific discovery with industrial capability,' said Gao Qianfeng, co-founder and vice president of GalaxySpace, a Beijing-based commercial space firm. For Gao, the secret behind turning scientific breakthroughs into commercialized products lies in China's robust industrial ecosystem. Noting that the space firm's supply chain spans over 1,000 partners across enterprises, universities and research institutions, Gao said that navigating this extensive ecosystem requires deep collaboration. 'Open collaboration creates catalytic chemistry between labs and factories,' Gao explained. Policy frameworks reinforce this integration. Gan Xiaobin, an official with the Ministry of Industry and Information Technology, said global evidence shows that advanced sci-tech services catalyze deeper industry-academia convergence. Earlier this year, China released an implementation guideline on accelerating the high-quality development of the science and technology services sector — which outlined specific tasks across key areas such as R&D, technology transfer and commercialization, business incubation and technology promotion. The ministry will work with other government departments to accelerate the transformation of research into market-ready products to seed emerging industries, Gan said. Looking forward, Liu of NICE said sustained progress requires increased basic research spending. 'Scientists need to have enough funding to dedicate their time to a single field for three to five years to yield truly groundbreaking discoveries,' he said. This commitment, coupled with robust industrial strength and global outreach, will continue to position China as a central player in global innovation, the experts said. China innovation market RD
The Star
9 hours ago
- The Star
Chinese automaker Chery launches 5 new models in Egypt
CAIRO, July 28 (Xinhua) -- Chinese automaker Chery unveiled five new models here on Monday as part of its expansion into the Egyptian market. During an event at the Abdeen Palace Museum, the automaker launched Arrizo 5 FL, Arrizo 8, Tiggo 7 Pro Max, Tiggo 8 Pro Max, and Tiggo 9 PHEV. Shen Xiantian, general manager of Chery Egypt, said the automaker will accelerate its transition toward hybrid and intelligent vehicle technologies, and collaborate with global partners and suppliers to establish a global network for sales, services and production. "We are currently establishing eight R&D centers, 10 manufacturing plants, and parts distribution centers in key regions globally," Shen said, adding that the automaker will "strengthen local partnerships to meet the needs of regional end-users and partners." According to company data, Chery sold over 580,000 new energy vehicles in 2024, up 232.7 percent year-on-year.
The Star
10 hours ago
- The Star
Portugal questions fairness of EU-U.S. tariff deal, warns of high costs, limited gains
LISBON, July 28 (Xinhua) -- Portugal has raised concerns over the recently concluded tariff agreement between the European Union (EU) and the United States, describing it as a limited improvement that falls short of true free trade and comes at a steep cost for both sides. The Ministry of Economy and Territorial Cohesion acknowledged in a statement that the deal -- fixing U.S. tariffs on European goods at 15 percent -- may bring a certain degree of predictability. However, it stressed that "nothing replaces the freedom of trade" and reaffirmed Portugal's commitment to actively push for the gradual elimination of tariffs and other trade barriers. The Confederation of Portuguese Business (CIP) expressed only "relative relief" at the deal, emphasizing that the price to pay is "high for both parties." "When a hurricane is expected, one feels happy with a mere storm," said CIP Director-General Rafael Alves Rocha. Still, he warned that the agreed tariff levels mark a significant increase from the current average of around 2.5 percent, representing a setback for exporters and highlighting the asymmetry in the EU's and U.S.' tariff structures. According to CIP, the outcome is unbalanced and disadvantages European producers compared to the average customs duties imposed by the EU on American imports. The Portuguese government has responded to potential negative consequences with financial support measures for domestic businesses. It pointed to the "Reforcar" program launched in April, aimed at cushioning companies from adverse trade impacts. So far, 14,000 applications have been submitted under the BPF INVEST EU credit line, totaling 3.2 billion euros (3.71 billion U.S. dollars), with 2.5 billion euros approved and 1.6 billion euros already disbursed. Additionally, a specific credit line -- BPF INVEST EXPORT PT -- was created to support export-oriented SMEs. It has received 2,600 applications worth 1.3 billion euros, of which 600 million euros have been approved. As part of the new PT2030 incentives framework, a non-refundable grant line has also been launched to promote internationalization, targeting joint projects and collaborative strategies in external markets. The ministry announced that the first public calls for collective internationalization initiatives will open on July 31. Despite these support measures, Lisbon's cautious tone and the business community's criticism reflect broader doubts within Portugal about the long-term benefits of the EU-U.S. trade arrangement -- raising questions about whether short-term stability has come at the expense of long-term economic balance. (1 euro = 1.16 U.S. dollar)
