Hong Kong Financial Secretary: Retail trading is not allowed until formal regulation of stablecoins in Hong Kong

ChainCatcher news, according to Ming Pao, Hong Kong's Secretary for Financial Services and the Treasury, Hui Cheng-yu, pointed out in an interview with the Investment Committee that related cryptocurrencies in the market will be supported by USD or gold to stabilize their value, with the goal of stabilizing prices. However, there have been instances in the past where stablecoins experienced price fluctuations or even collapsed. The reserve management of stablecoin issuers can affect price stability and investors' rights to redeem legal tender. Considering these factors, stablecoins will not be included in the allowed retail trading until formal regulation is established in Hong Kong.