HKMA Chief Eddie Yue: High Threshold for Stablecoin Issuers' License Approval, Only a Few Licenses Will Be Granted Initially

According to sources, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority issued a joint statement on the market volatility related to stablecoins. To maintain market integrity and protect investors, the Hong Kong Securities and Futures Commission has a dedicated market surveillance team and a sophisticated, validated system to closely monitor trading activities in Hong Kong. In response to any manipulation or fraudulent behavior that may harm market integrity, the Securities and Futures Commission will take strict action. HKMA Chief Eddie Yue stated that the HKMA adopts a strict and cautious approach to approving stablecoin issuers' license applications. The approval standards are very high, and only a few licenses will be granted initially. As part of normal market communication, we have had preliminary discussions with multiple institutions regarding stablecoin licenses. These discussions, intentions expressed, and applications for licenses do not constitute approval for any institution, nor do they imply any endorsement of their prospects for obtaining a license.

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