Stablecoin bills have been in place in many countries for a long time, but they are not useful.
For example, the EU's MiCA is in force in 24, and the UK's FSMA is in force in 23.
However, the US dollar still accounts for 99.79% of stablecoins, and the euro ranks second with only 0.19%.
The US dollar stablecoin is made first to have a market, and then it is legislated to regulate.
And it is not possible to legislate first and then engage in the market, because in this way, it will become a license business, and the final outcome will be as ugly as the exchanges in various places.
Hong Kong's stablecoin legislation is so-called preempting the United States, many people cheer, but I am not optimistic.
Think about the previous Bitcoin and Ethereum spot ETFs and exchange licensing systems, all of which were ahead of the United States, and now compared with ETFs and exchanges in the United States? Probably less than one percent of the other party.
Wu Zhuangjie told the truth: This time, "don't (again) get up early in the morning and catch up with the late market".
"Hong Kong has been actively developing Web3 in recent years, and it has seen some results, but it is still in its infancy due to insufficient liquidity and overly regulated."
DO YOU KNOW THAT NOW HONG KONG COMPLIANCE EXCHANGE HAS ONLY APPROVED FOUR RETAIL TRADING TOKENS, BTC ETH LINK AVAX, WHICH IS SIMPLY FUNNY, I DON'T KNOW IF THE APPROVER HAS WATER IN HIS HEAD?
PERHAPS WHAT HONG KONG SHOULD DO IS NOT TO COMPARE ITSELF WITH THE UNITED STATES, BUT TO BETTER BECOME A WEB3 HAVEN IN GREATER CHINA, WHICH IS RELATIVELY MORE REALISTIC.
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