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Hong Kong Monetary Authority Chief: Hong Kong to Set Relatively Strict Standards for Stablecoin Issuers, Expected to Issue Only a Few Licenses in First Phase
Summary: According to sources, Hong Kong Monetary Authority Chief Eddie Yue stated that Hong Kong will set relatively strict standards for stablecoin issuers, with high entry barriers similar to e-wallet and banking regulations. It is expected that only a few licenses will be issued in the first phase, and stablecoins that are licensed will have specific ...
According to sources, Hong Kong Monetary Authority Chief Eddie Yue stated that Hong Kong will set relatively strict standards for stablecoin issuers, with high entry barriers similar to e-wallet and banking regulations. It is expected that only a few licenses will be issued in the first phase, and stablecoins that are licensed will have specific purposes such as cross-border trade. Yue mentioned that the Hong Kong Monetary Authority has strict requirements for risk management, including asset reserve management, stability mechanisms, redemption policies, and most importantly, anti-money laundering regulations, similar to e-wallets and banks. Stablecoins have payment attributes, and the Stablecoin Regulation provides issuers with a comprehensive regulatory framework to ensure consistent regulation for similar risks, as well as the healthy and sustainable development of the industry.
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Link: Hong Kong Monetary Authority Chief: Hong Kong to Set Relatively Strict Standards for Stablecoin Issuers, Expected to Issue Only a Few Licenses in First Phase [Copy]
