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Hong Kong Monetary Authority Chief: First Batch of Stablecoins to Focus on Cross-Border Trade and Web3 Applications
Summary: According to reports from Hexun, the Hong Kong Special Administrative Region government announced in the official gazette on June 6 that the "Stablecoin Regulations" will officially take effect on August 1, marking the world's first comprehensive regulatory framework for fiat-backed stablecoins. Hong Kong Monetary Authority Chief Eddie Yue recently wrote that due to the novelty ...
According to reports from Hexun, the Hong Kong Special Administrative Region government announced in the official gazette on June 6 that the "Stablecoin Regulations" will officially take effect on August 1, marking the world's first comprehensive regulatory framework for fiat-backed stablecoins. Hong Kong Monetary Authority Chief Eddie Yue recently wrote that due to the novelty of stablecoins, the risks involved in issuance operations, user protection, market capacity, and long-term development, the licensing process will have a high threshold, with only a small number of licenses issued initially. Yue emphasized that participation in the stablecoin issuer sandbox program launched by the Hong Kong Monetary Authority in 2024 is not a prerequisite for future stablecoin issuer licenses. Even institutions already in the sandbox do not guarantee obtaining a license. The Monetary Authority will carefully consider all license applications based on consistent, strict standards. Applicants must present specific feasible business plans and real-world use cases, focusing on their reserve management capabilities, compliance systems, and technical security. The first batch of stablecoins will focus on cross-border trade and Web3.0 applications.
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Link: Hong Kong Monetary Authority Chief: First Batch of Stablecoins to Focus on Cross-Border Trade and Web3 Applications [Copy]
