JD.com stablecoin has entered the "sandbox" testing in Hong Kong, awaiting the implementation of relevant legislation and regulations
JD.com has entered the "sandbox" testing phase for the issuance of stablecoins in Hong Kong, and the related legislation is still being advanced. It is expected that after the "Stablecoin Bill" is approved, the Hong Kong Monetary Authority will issue specific guidelines. Stablecoins, as virtual currencies pegged to fiat currencies, are gradually gaining attention. The Hong Kong SAR government submitted the bill to the Legislative Council at the end of last year, aiming to promote financial innovation
According to Zhitong Finance APP, recently, Shen Jiangguang, Vice President and Chief Economist of JD.com, stated in an interview that JD.com has entered the "sandbox" testing phase for stablecoin issuance in Hong Kong. The legislation related to stablecoins in Hong Kong is still being advanced, and there are no clear provisions yet. It is expected that after the approval of Hong Kong's "Stablecoin Regulation Draft," the Hong Kong Monetary Authority can officially release the specific implementation details for stablecoins based on this.
Shen Jiangguang pointed out that stablecoins are decentralized commercial issuances at the corporate level, with minimal fluctuations influenced by macroeconomic factors. Currently, three companies have entered the "sandbox" testing phase in Hong Kong.
As a type of payment-oriented virtual currency typically pegged to fiat currencies or stable assets, stablecoins are gradually coming into the public eye. At the end of last year, the Hong Kong SAR government submitted the "Stablecoin Regulation Draft" to the Hong Kong Legislative Council. As a global financial center, Hong Kong is not only consolidating its traditional financial market but also actively promoting emerging financial innovations.
Currently, the two largest stablecoins globally are USDT and USDC. Among them, USDC (USD Coin) holds a license in Europe and has performed well in terms of transparency, allowing it to be issued in Europe and even traded subsequently. USDT, on the other hand, has significantly lower compliance and transparency, and with the full implementation of the EU's MiCA, many cryptocurrency exchanges have delisted USDT trading services in Europe
