Chinese Nationals Gain Access to Stablecoins in Hong Kong Via Flare, Red Date Technology Trial

“With Hong Kong on the cusp of saying new stablecoin rules permitting digital currencies on public blockchains, the introduction of this KYC answer trial provides Mainland Chinese language residents their first alternative to legally maintain public chain wallets and transact with stablecoins, akin to HKDA, a fiat-referenced Hong Kong Greenback stablecoin issued by IDA. This mission alerts a doable first step in aligning with China’s long-term strategy to integrating blockchain expertise,” the businesses mentioned in an announcement.