Hong Kong Monetary Authority Chief Executive Eddie Yue: Will Announce Summary of "Stablecoin Issuer Licensing Regime" Next Week

BlockBeats News, July 23rd, according to ChainNews, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), issued a statement noting that recently there have been scams involving the promotion of digital assets and stablecoins, causing losses to the public. The "Stablecoin Regulation" will come into effect on August 1st. According to the regulation, any unlicensed promotion of stablecoins to the Hong Kong public will be considered illegal from the effective date. Yue also mentioned that there have been many rumors in the market regarding the application process recently. HKMA will release a summary of the "Stablecoin Issuer Licensing Regime" next week, which will outline the HKMA's arrangements for receiving and processing license applications. Interested parties are advised to stay tuned.