The Hong Kong "Stablecoin Regulations" will officially take effect on August 1. The Secretary for Financial Services and the Treasury, Christopher Hui, stated that the goal is to issue stablecoin licenses within this year, but the number of licenses issued will be in the "single digits."
During an exclusive interview with Ming Pao on Monday, Xu Zhengyu pointed out that the Hong Kong Monetary Authority is currently consulting the market regarding the implementation of the "Stablecoin Regulation" guidelines, which are expected to be published in July. The specific content will involve anti-money laundering and other related requirements. He stated that he hopes to receive license applications after the "Stablecoin Regulation" is implemented, with the goal of the Hong Kong authorities to issue licenses within this year.
It is reported that there are at least 9 institutions interested in or considering applying for a stablecoin license, among which are 3 groups of institutions participating in the Hong Kong Monetary Authority's stablecoin issuer "sandbox": Standard Chartered Bank, Animoca Brands, Hong Kong Telecom, JD Coinchain Technology, Hong Kong, as well as Yuan Coin Innovation Technology, and all 3 groups plan to issue Hong Kong dollar stablecoins.
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The Hong Kong "Stablecoin Regulations" will officially take effect on August 1. The Secretary for Financial Services and the Treasury, Christopher Hui, stated that the goal is to issue stablecoin licenses within this year, but the number of licenses issued will be in the "single digits."
During an exclusive interview with Ming Pao on Monday, Xu Zhengyu pointed out that the Hong Kong Monetary Authority is currently consulting the market regarding the implementation of the "Stablecoin Regulation" guidelines, which are expected to be published in July. The specific content will involve anti-money laundering and other related requirements. He stated that he hopes to receive license applications after the "Stablecoin Regulation" is implemented, with the goal of the Hong Kong authorities to issue licenses within this year.
It is reported that there are at least 9 institutions interested in or considering applying for a stablecoin license, among which are 3 groups of institutions participating in the Hong Kong Monetary Authority's stablecoin issuer "sandbox": Standard Chartered Bank, Animoca Brands, Hong Kong Telecom, JD Coinchain Technology, Hong Kong, as well as Yuan Coin Innovation Technology, and all 3 groups plan to issue Hong Kong dollar stablecoins.