Recently, the licensing of stablecoins in Hong Kong has become a focal topic in the blockchain industry, attracting widespread attention both inside and outside the sector. At this critical moment, Dr. Xiao Feng, Chairman and CEO of HashKey Group, known as the "Godfather of Chinese Blockchain," shared his unique insights on the current trend.

Dr. Xiaofeng pointed out that Hong Kong's regulatory efforts on stablecoins have exceeded many people's expectations. He emphasized that the original design of stablecoins was not intended for payment functions, a view that may surprise many. When discussing the attitudes towards stablecoins in mainland China and Hong Kong, Dr. Xiaofeng revealed significant differences in focus between the two regions: mainland China considers it more from the perspective of major currency competition, while Hong Kong is more concerned about potential loopholes in anti-money laundering.

It is worth noting that Dr. Xiao Feng believes that cryptocurrencies actually perform better than traditional financial systems in terms of anti-money laundering. He also holds a cautious attitude toward the prospects of consortium blockchains, believing that stablecoins based on consortium blockchains are difficult to succeed. In his view, most successful blockchain applications are born in permissionless environments.

Looking ahead, Dr. Xiao Feng is optimistic about Hong Kong's resurgence as a global digital asset trading center. He cleverly likens Singapore to "the Switzerland of Asia," while Hong Kong is seen as "the Wall Street of Asia," suggesting the different development paths and positions of the two financial hubs.

Dr. Xiao Feng's perspective provides us with a new rational analysis of the regulatory trends surrounding stablecoins in Hong Kong. His insights are not only profound but also offer valuable references for industry professionals to maintain calm thinking amidst the current frenzy. As the regulatory environment continues to evolve, Hong Kong's position in the global digital asset landscape is worth our ongoing attention.