Hong Kong Financial Secretary: Aim to Issue Stablecoin License Within This Year

July 7th. In Hong Kong, China, the "Stablecoin Regulation" is set to come into effect in August. The Financial Secretary of Hong Kong, Paul Chan, stated that the Hong Kong Monetary Authority is currently consulting the market regarding the implementation of this regulation. The guidelines for this regulation will be published within this month, and the specific content will include anti-money laundering and other related requirements. He also indicated that the number of stablecoin licenses to be issued will be in the single digits. He hopes to receive applications after the regulation takes effect and aims to issue licenses within this year. As for whether financial institutions that obtain licenses will be able to issue stablecoins pegged to the Chinese Yuan, he said that if it involves the currency of another jurisdiction, it will require discussions with the relevant authorities. (Ming Pao)