HONG KONG, May 21, 2025 /PRNewswire/ -- RD Technologies, a Hong Kong-based fintech leader revolutionizing global payments through blockchain technology, warmly welcomes the Legislative Council's passage of the Stablecoins Bill on May 21, 2025. This landmark legislation establishes a licensing regime for fiat-referenced stablecoin (FRS) issuers in Hong Kong, enhancing the regulatory framework for virtual asset activities while fostering financial stability and innovation.

The Stablecoins Ordinance requires entities issuing FRS in Hong Kong, or issuing FRS linked to the Hong Kong dollar, to obtain a license from the Hong Kong Monetary Authority (HKMA). Licensees must adhere to stringent requirements, including proper reserve asset management, robust stabilization mechanisms, and processing redemption requests at par value under reasonable conditions. The ordinance also mandates compliance with anti-money laundering, counter-terrorist financing, risk management, disclosure, and auditing standards, ensuring greater protection for the public and investors.

RD Technologies is proud to highlight that its subsidiary, RD InnoTech Limited, the issuer of HKDR, was among the first batch of companies admitted to the HKMA's stablecoin issuer sandbox in July last year. The admission underscores regulator's recognition of RD Technologies' commitment to regulatory compliance and innovation in the stablecoin sector.

"We are thrilled with the passage of the Stablecoins Ordinance, which sets a clear and robust framework for the sustainable growth of Hong Kong's virtual asset ecosystem as a global financial hub," said Rita Liu, CEO of RD Technologies. "As pioneers in the stablecoin space, with RD InnoTech Limited's participation in the HKMA's sandbox, we are dedicated to building trust by aligning with these regulations to deliver secure and innovative solutions for virtual asset trading, cross-border payments, and tokenization of real-world assets."

The ordinance, expected to take effect later this year, includes transitional arrangements to allow industry players sufficient time to comply with licensing requirements. RD Technologies remains committed to collaborating with regulators to meet these standards and drive responsible and exciting development in the virtual asset industry.

About RD Technologies Group:

RD Technologies Group (RD Technologies) is the financial platform that bridges the Web2 and Web3 worlds. It deploys innovative fintech to build a business world interconnected by trust. Based in Hong Kong and connected with the global community, RD Technologies was born out of a mission to enable businesses to gain easier access to financial services, enhance trade efficiency, and promote the development of Hong Kong as a trade hub in Asia and an international financial centre. For details: https://rd.group

HKDR Stablecoin (HKDR):

HKDR Stablecoin (HKDR) is a trusted and transparent Hong Kong Dollar stablecoin 1:1 backed by the Hong Kong dollar, with high-quality and highly liquid assets safekept in segregated custody accounts with licensed financial institutions. Details of the reserves will be available to the public through regular independent attestation reports.  In July 2024, RD InnoTech Limited, the issuer of HKDR, was among the first batch of entities to be admitted to the stablecoin issuer sandbox by the Hong Kong Monetary Authority.  RD InnoTech Limited will abide stringently by the regulatory requirements for the launch of HKDR to contribute to the continuous development of Hong Kong as a global Web3 and virtual asset hub. For details about HKDR: https://rd.group/hkdr

Source: Hong Kong Government Press Release

View original content:https://www.prnewswire.com/news-releases/rd-technologies-celebrates-passage-of-stablecoins-ordinance-in-hong-kong-302462073.html

SOURCE RD Technologies