By Summer Zhen and Jiaxing Li
THE strict customer identification rules mandated in Hong Kong’s new stablecoin law could hinder adoption of the digital currency and the city’s competitiveness in global digital finance markets, sources from the industry said.
Hong Kong’s long-awaited stablecoin ordinance took effect on August 1 and positions Hong Kong as one of the first markets globally to regulate fiat-backed stablecoin issuers, giving it an early-mover advantage that helps its bid to become a virtual asset hub.
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