Deputy Governor of the Hong Kong Monetary Authority: Stablecoin issuers who want to launch a RMB stablecoin must obtain approval from mainland Chinese regulators

2026-04-12 08:53:03

Abstract generation in progress

ME News, April 11 (UTC+8): Hong Kong Monetary Authority Deputy Chief Executive Chen Weimin emphasized that the choice of currencies for stablecoin issuance is determined by the applicant. Hong Kong’s regulatory framework allows the launch of Hong Kong dollar stablecoins first, and in the future, other currencies such as Renminbi may be issued, but approval from mainland regulators is required. Regarding when the second batch of stablecoin licenses will be granted, Chen Weimin said there is no timeline yet, but communication with applicants is ongoing. It is understood that HSBC’s stablecoin will be integrated into PayMe and the HSBC HK App, supporting real-time transfers between individuals and services from individuals to merchants (P2M). (Source: MLion)

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.