Stablecoin legislation has been implemented in many countries for a long time, but it hasn't been very effective.
For example, the EU's MiCA will take effect in 2024, and the UK's FSMA will take effect in 2023.
However, the US dollar still accounts for 99.79% of stablecoins, while the euro only accounts for 0.19%, making it the second largest.
US dollar stablecoins were created first, gained market traction, and then legislation was introduced to regulate them.
On the other hand, starting with legislation and then trying to build a market doesn't work, as it turns into a licensing business. The end result is as ugly as the situation with local exchanges in various regions.
Hong Kong's stablecoin legislation is said to be ahead of the US, and many people are cheering, but I'm not too optimistic.
Think about the previous Bitcoin and Ethereum spot ETFs, the licensing system for exchanges, all of which were ahead of the US, and now compared to the US's ETFs and exchanges? Maybe not even one percent of the counterpart.
Wu Zhuangjie said a truth: This time "don't (again) get up early and catch the late show."
"Hong Kong has been actively developing Web3 in recent years and has seen some results, but due to insufficient liquidity and overly strict regulation, it is still in the initial stage."
Do you know that now Hong Kong's compliant exchanges are only approved for four retail trading tokens, BTC ETH LINK AVAX, which is simply ridiculous. I wonder if the approvers have water in their brains?
Perhaps what Hong Kong should do is not compare with the US, but rather become a better safe haven for Web3 in the Greater China region, which is relatively more realistic.
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