Jeffrey Wu: Hong Kong Stablecoins Can Draw on EU MiCA Experience to Enhance Cross-Border Coordination

According to ChainCatcher, Hong Kong Legislative Council member Johnny Ng posted on Twitter that the passage of the "Stablecoin Ordinance" marks a further improvement in Hong Kong's crypto asset regulatory framework. The ordinance is based on international standards, establishes a high-threshold licensing system, emphasizes application scenarios and business sustainability, and positions stablecoins as payment instruments under the Hong Kong Monetary Authority. It also communicates regulatory expectations to the market through a "sandbox mechanism." He pointed out that the key going forward is the effective integration of stablecoins with the traditional financial system, and suggested that Hong Kong could draw on the EU's MiCA experience to strengthen cross-border coordination.