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Hong Kong Financial Secretary: Aim to Issue Stablecoin License Within the Year
Summary: According to reports, the Hong Kong 'Stablecoin Regulations' will take effect in August. Hong Kong Financial Secretary Paul Chan Mo-po stated that the Monetary Authority is currently consulting the market on implementing the regulations. The guidelines will be announced this month and will cover anti-money laundering and other related requirements. He also mentioned that the ...
According to reports, the Hong Kong 'Stablecoin Regulations' will take effect in August. Hong Kong Financial Secretary Paul Chan Mo-po stated that the Monetary Authority is currently consulting the market on implementing the regulations. The guidelines will be announced this month and will cover anti-money laundering and other related requirements. He also mentioned that the number of stablecoin licenses issued will be in single digits, and he hopes to issue licenses within the year after the regulations take effect. As for whether financial institutions that obtain licenses can issue stablecoins pegged to the Renminbi, he said that if it involves currencies from other jurisdictions, discussions with relevant authorities will be necessary. (Ming Pao)
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Link: Hong Kong Financial Secretary: Aim to Issue Stablecoin License Within the Year [Copy]
