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

BlockBeats News, July 7th. The "Stablecoin Regulation" in Hong Kong, China will take effect in August. Hong Kong's Financial Secretary, Paul Chan, stated that the Hong Kong Monetary Authority is currently consulting the market on implementing the regulation. The guidance on this regulation will be published within this month, and the specific content will involve anti-money laundering and other related requirements. He also indicated that the number of stablecoin licenses to be issued will be in 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)