Hong Kong Deputy Secretary for Justice: Basic Law Safeguards Free Capital Flow, Stablecoin Regulations Effectively Control Risks

BlockBeats News, September 19th. According to a Hong Kong government news release, Dr. Nelson Chow, the Deputy Secretary for Justice of Hong Kong, delivered a speech at a certain forum event, stating: "The Hong Kong Basic Law guarantees the free flow of capital and funds, and all investments and business activities are subject to strict regulation and protection. We have also established a regulatory framework that emphasizes compliance while fostering innovation to ensure the orderly and healthy development of emerging businesses. Just this August, we passed the Stablecoin Ordinance, which pertains to digital currencies, establishing a licensing regime for the issuance of stablecoins. Through enhancing the regulatory framework for virtual asset activities and implementing effective risk management, we aim to drive financial innovation."