Hong Kong Financial Secretary Deputy: Promoting the development of stablecoins will appropriately increase safety safeguards to prevent misuse by malicious actors.

Foresight News reports, according to Zhitong Caijing, Hong Kong Financial Secretary Paul Chan emphasized at an event that the financial market needs to strive for innovation to expand the Hong Kong stock market. In promoting the development of stablecoins, the government will adopt a “seek stability and precision” strategy and appropriately increase safety barriers to ensure security and prevent malicious use. Additionally, the Hong Kong government is actively expanding its gold storage capacity, aiming to increase the total capacity to 2,000 tons within the next 3 years. The Shanghai Gold Exchange has been invited to participate, and plans are underway to launch the Gold Central Clearing System within this year.