- Flare and Red Date’s trial enables anonymous, KYC-compliant stablecoin access for Mainland Chinese visitors.
- RealDID integration in Hong Kong offers secure, document-free stablecoin access aligned with local regulations.
- New trials tap into Hong Kong’s $10B visitor market, marking a step towards compliant cross-border blockchain use.
Flare and Red Date Technology have launched a new pilot program in Hong Kong, enabling Mainland Chinese visitors to access stablecoin services securely and privately. The trial program uses China’s RealDID platform, allowing users to verify their identities anonymously while complying with KYC requirements.
The trial introduces two primary applications. First, users can register anonymously on a regulated stablecoin app. Second, they can purchase tokenized financial products using stablecoins, including the Hong Kong dollar-pegged HKDA, issued by IDA.
Both applications integrate zero-knowledge (ZK) technology to protect user identities, ensuring compliance without exposing personal information.
Boosting Privacy and Regulatory Compliance
This trial allows Mainland Chinese visitors in Hong Kong to access digital financial services while protecting their personal data. This approach aligns with Hong Kong’s planned digital currency regulations, potentially enabling legal stablecoin transactions for visitors using RealDID. Through this platform, users could access financial services without traditional documents like passports or bank statements.
Supporting Hong Kong’s Economy
The potential market for blockchain-based financial services in Hong Kong is significant, with over 50 million visitors from Mainland China contributing $10 billion annually. In addition, this trial, launched by layer-1 blockchain Flare and Red Date Technology, aims to tap into this market.
The initiative provides mainland residents with their first chance to legally use public blockchain wallets and stablecoins in Hong Kong.
China’s Blockchain Approach
While China maintains a cautious stance on cryptocurrencies, it invests significantly in blockchain technology for corporate use cases. The RealDID system, launched by China’s Blockchain-based Service Network, allows users to meet real-name requirements while remaining anonymous on digital platforms.
By adopting RealDID, this trial could enable users in Hong Kong to access stablecoins without sharing personal documents, offering a secure, compliant solution for cross-border digital finance.
