Wu Jiezhuang: It is suggested that Hong Kong learn from the cross-border coordination experience of the European Union's MiCA and continue to monitor market changes to adjust guidelines in a timely manner Hong Kong Legislative Council member Ng Kit cheung stated that after years of effort, the passage of the Stablecoins Ordinance in Hong Kong marks a further improvement in the regulatory framework for cryptocurrency assets, demonstrating Hong Kong's foresight in financial innovation and risk management. The Hong Kong Monetary Authority has clearly positioned stablecoins as payment tools rather than investment products, which helps the public to rationally understand their functional boundaries. The regulation is based on international standards and establishes a high threshold licensing system, emphasizing "substantive application scenarios" and "business sustainability" to screen out compliant and capable issuers, while avoiding risks caused by market overheating. Wu Jiezhuang particularly affirmed the Hong Kong Monetary Authority's use of the "sandbox" mechanism to communicate regulatory expectations with the industry in advance, and clarified that sandbox participation is not linked to license approval, reflecting the rigor and transparency of approval. He believes that the future challenge lies in effectively connecting regulation with practical application scenarios. At present, the traditional financial system and stablecoin settlement are still in an adaptation period. Further breakthroughs are needed in the convenience, operability, and financial risk prevention of stablecoins to expand the influence of compliant stablecoins in Hong Kong. In addition, he suggested that Hong Kong learn from the cross-border coordination experience of the European Union's MiCA and continue to monitor market changes to adjust guidelines in a timely manner.