Hong Kong Treasury Secretary: Aim to issue stablecoin licenses this year

PANews reported on July 7 that according to Jinshi, the Hong Kong Stablecoin Ordinance will take effect in August. The Director of the Hong Kong Treasury Bureau, Xu Zhengyu, said that the HKMA is currently consulting the market on the implementation of the regulations. The guidelines will be announced this month. The specific content will involve anti-money laundering and other related requirements. He also stated that the number of stablecoin licenses issued will be in the single digits. He hopes to receive applications after the regulations take effect, and the goal is to issue licenses within this year. As for whether financial institutions can issue stablecoins pegged to the RMB after obtaining a license, he said that if it involves currencies in other jurisdictions, it will be discussed with relevant institutions.