KPMG: The introduction of a regulatory system for stablecoin issuers is expected to promote the innovative development of stablecoins in practical ap

Hong Kong Treasury Department and the Securities and Futures Commission recently released a summary of the regulatory system for stablecoin issuers. KPMG believes that the main concern for stablecoin users is the lack of trust in the reserve assets that support stablecoins, which also limits the widespread use of stablecoins. The summary of the consultation recommends that legal currency assets be used as reserve assets for stablecoins and be supervised by regulatory agencies. This will help alleviate user concerns and promote the wider use of stablecoins. The introduction of a regulatory system for stablecoin issuers can not only enhance the confidence of issuers and users, but also promote the innovation and development of stablecoins in Hong Kong's actual application, and help Hong Kong play a core role in the future development of financial infrastructure. Paul McSheaffrey, a senior partner in the banking industry of KPMG China Hong Kong, said that the content of the consultation summary is of great significance for consolidating Hong Kong's position as a virtual asset hub. Stablecoins have become an increasingly popular payment tool and are expected to become an important part of financial infrastructure in the future.