Hong Kong will implement a stablecoin based on the Hong Kong dollar, what impact will this have?

According to Yicai, the Hong Kong Special Administrative Region government recently stated that it welcomes the Legislative Council to pass the "Stablecoin Regulation Bill" to establish a licensing system for fiat-pegged stablecoin issuers in Hong Kong, improve the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability, and promote financial innovation. At the same time, the stablecoin legislation in the United States is also underway. The "Guidance and Establishment of the US Stablecoin National Innovation Act" has passed a procedural vote in the US Senate with 66 votes to 32, marking an important step forward in the Senate. The bill will now enter the full Senate vote stage. If the Senate ultimately approves, the bill will need to be submitted to the House of Representatives for review and approval, and finally signed into law by the President. In fact, the Hong Kong government has been paying attention to stablecoins for the past three years. What are the considerations behind the Hong Kong dollar stablecoin? Which institutions are eligible to obtain licenses? In response, Yicai conducted an exclusive interview with Li Lianxuan, Senior Manager of Tokenization at the financial technology group Hashkey. He previously led the design of the first batch of Bitcoin ETFs launched by top domestic mutual funds in Hong Kong. In his view, clarifying the regulatory framework is the main intention, especially after the collapse of TerraUSD in 2022, regulators around the world have realized that the orderly development of the stablecoin market requires a clear and explicit regulatory framework. At the same time, this will also help maintain Hong Kong's status as an international financial center, especially enhancing its attractiveness to global Web3 projects and talent. In the future, institutions most likely to apply for and obtain a fiat-pegged stablecoin issuance license may include banks, large internet companies, and financial technology companies.