Lui Chi-hung: Hong Kong's stablecoin regulatory framework has standardized the entire process to minimize risks.
TL;DR
Lui Chi-hung states that Hong Kong's stablecoin regulatory framework standardizes the entire process from entry to exit to minimize risks like asset allocation and cybersecurity. The core goal is to protect stablecoin holders' assets, focusing on security rather than investment.
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According to Foresight News , citing Sina Finance, Lui Chi-hung, a member of the Hong Kong Stablecoin Review Tribunal and the Web3 Development Group, stated that stablecoins may face potential risks related to asset allocation, cybersecurity, and smart contracts. However, Hong Kong's regulatory framework has standardized the entire process from entry, operation, to exit, minimizing risks. The core objective is to protect the assets of stablecoin holders. Stablecoins are relatively stable in price and lean more towards payment tools than investment products; therefore, the core of regulation revolves around ensuring the "security of stablecoin holders' holdings."