🇭🇰Hong Kong Deputy Secretary for Justice: The Stablecoin Ordinance will build a trusted market environment based on three pillars. Hong Kong Deputy Secretary for Justice Stephen Cheung stated that the Stablecoin Ordinance, which will come into effect on August 1st, will establish a clear and transparent legal framework through three pillars: a licensing system, asset reserve management, and technical and behavioral oversight, fostering an orderly and healthy stablecoin market. He noted that the ordinance will help strengthen international confidence in Hong Kong as a global financial center. Cheung also stated that Hong Kong will continue to deepen its cooperation with mainland China and international markets, leveraging legal and other professional services to support Chinese and foreign companies in developing their businesses in Hong Kong.