Christopher Hui of Hong Kong's Financial Services and the Treasury Bureau: Stablecoin Holders' Redemption Requests Must Be Completed Within One Business Day
According to Zhitong Finance, Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, stated in a radio program that the underlying asset of stablecoins is fiat currency, which can be used in the form of electronic assets for payment functions through technologies such as blockchain. Hui mentioned that the issuers of stablecoins are regulated by the Hong Kong Monetary Authority, and the main regulatory principles are similar to those of traditional financial assets. The relevant issuers must comply with regulations regarding reserve asset management and redemption, including properly segregating customer assets. When stablecoin holders request redemption, it must be completed within one working day to meet user demands.
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