Wu Jiezhuang: Hong Kong’s stablecoin issuer regulatory system has not yet taken into account retail trading applications and integration with international stablecoin companies.

The Financial Services and the Treasury Bureau of Hong Kong and the Hong Kong Monetary Authority jointly issued a public consultation document today to collect opinions on legislative proposals for the supervision of stable currency issuers. Wu Jiezhuang, a member of the National Committee of the Chinese People's Political Consultative Conference and a member of the Hong Kong Legislative Council, put forward three opinions: 1. The policy has not yet considered the application of retail transactions and integration with international stablecoin companies? If an international stablecoin company does not apply in Hong Kong within the deadline, the relevant regulatory agencies must consider how this type of international stablecoin can be traded on Hong Kong's licensed exchanges and how it can be integrated with international standards. Otherwise, it will affect the operation and trading volume of the overall virtual asset trading. leading to counterproductive effects on the market. 2. The policy consultation document does not mention the application scenarios of stablecoins? The Hong Kong Monetary Authority did not specifically propose application scenarios for stablecoins in the policy consultation document. Citizens are also concerned about whether physical and daily transactions can be carried out. 3. Are there no regulations on handling fees? The consultation document does not mention the handling fees and exchange time for stable currency exchanges. Policy details can consider regulating the handling fees and related handling times for stable currency exchanges. Wu Jiezhuang said that international exchanges, stablecoin issuers and other institutions and leaders are welcome to provide policy opinions on the regulatory system for stablecoin issuers during the consultation period (before February 29, 2024).