Hong Kong-based OSL Group, the city’s first listed and licensed virtual-asset trading platform, sees optimism rise in the local market as the stablecoin law comes into effect this Friday.
That assessment was made by Gary Tiu, executive director and head of regulatory affairs at OSL, at a symposium on Thursday about Hong Kong’s stablecoin era.
“We will continue to build ecosystems and networks in this space,” Tiu said. “We are the long-term partner for this space.”
Stablecoins are a type of cryptocurrency token that maintain a fixed value by being pegged to a reference asset, typically fiat currencies such as the US dollar.
Heightened market anticipation around stablecoins was reflected in OSL’s sale of existing shares, top-up subscriptions and new shares last Friday, when it raised HK$2.36 billion (US$300 million).
