Hong Kong Stablecoin Oversight and Adjudication Office: Only Fiat-Collateralized Stablecoins Backed by Legal Tender Allowed

BlockBeats News, November 21st, Hong Kong Stablecoin Oversight and Web3 Development Working Group member Andrew Lui stated that currently only fiat-collateralized stablecoins backed by legal tender are allowed. Applicants must have a minimum capital of at least HKD 25 million to ensure sufficient financial strength to operate and withstand market risks. The issuer's fiat funds must be invested in highly liquid, low-risk assets to ensure that the stablecoin's value is reliably supported. Additionally, independent audits must be conducted, and regulatory compliance evidence must be provided to regulatory authorities. (Securities Times)