Tether and its parent company iFinex were both registered in Hong Kong

Odaily Planet Daily News Tether and its parent company iFinex were both registered in Hong Kong and are closely related to Bitfinex, one of the world's largest cryptocurrency trading platforms. In a radio interview yesterday, the Secretary for Financial Services and the Treasury of the SAR Government, Paul Hui, said that the SAR Government will regulate the issuers of such stablecoins in the future, and will regulate two aspects at the same time, including custodians and over-the-counter transactions of virtual assets. There are two board members of Tether in Hong Kong, namely Giancarlo Devasini, Tether's CFO and one of the co-founders of Bitfinex; the other is JL van der Velde, Tether's former CEO and current CEO of Bitfinex. Currently, USDT is widely used in Hong Kong's cryptocurrency exchanges and over-the-counter (OTC) markets, becoming an important tool for cross-border capital flows and one of the cryptocurrencies commonly used for illegal activities. Wu Jiezhuang, a member of the Legislative Council of the Hong Kong Special Administrative Region, said that USDT has high stability and low price volatility, providing investors and traders with a reliable value storage tool. It is supported by almost all major cryptocurrency exchanges in the world. In addition, it has fast transaction speeds and low handling fees, making it particularly suitable for cross-border trade payments. "Although there are other stablecoins on the market, USDT has been issued earlier and has seized the market opportunity." (Wen Wei Po)