Following the Hong Kong Legislative Council’s recent approval of the Stablecoins Bill, Eddid Financial is accelerating efforts to adopt stablecoins for real-world use cases. The landmark legislation provides a regulatory framework for fiat-referenced stablecoins (FRS), establishing licensing requirements and enhancing investor protection. Eddid is working with industry partners to pilot these solutions, focusing on settlement systems and cross-border payments.
The bill outlines clear regulations for stablecoin issuers, including licensing procedures, asset reserve requirements, redemption mechanisms, and anti-money laundering protocols. This comprehensive framework not only strengthens Hong Kong’s position in the digital asset market but also enhances investor confidence.
To improve settlement processes, Eddid is leveraging blockchain technology to facilitate real-time fund transfers and transparency, aiming to reduce transaction costs and eliminate inefficiencies associated with traditional financial systems.
The company’s focus on cross-border payments emerges as a strategic priority. Stablecoins offer a faster, cheaper, and more transparent solution for international transactions compared to legacy systems often marked by delays, high fees, and lack of transparency. By removing intermediaries and reducing foreign exchange risks, Eddid aims to position Hong Kong as a leader in the next generation of financial infrastructure across Asia.
Eddid Financial’s Head of Virtual Assets, Dr. Ricky Yeung, commented on the significance of the new legislation: ‘This regulatory framework is a crucial step forward. We are accelerating our work with partners to integrate stablecoins into key financial systems and support the global expansion of digital currencies.’ The company also welcomes Mr. Thomas Tam as Co-Head of Business Development Singapore and Executive Director of Investment Banking.
Looking ahead, Eddid aims to expand its fintech partnerships, scale innovation within a fully compliant stablecoin ecosystem, and solidify Hong Kong’s position in the race for technological advancement in the financial sector.