Securities Times: Hong Kong's stablecoin license application window opens, and issuing banks are expected to be the first to be approved

PANews reported on August 1st that according to Securities Times, Hong Kong's Stablecoin Ordinance officially came into effect on August 1st. The Hong Kong Monetary Authority has issued the "Guidelines for the Supervision of Licensed Stablecoin Issuers," clarifying the application requirements for issuer licenses. Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be the first to apply for and receive stablecoin issuer licenses. In addition, Chinese banks, sandbox testing companies, large state-owned enterprises, and major internet companies are also actively preparing to apply. Initially, securities firms will primarily provide stablecoin trading, custody, and financing services. As of the end of July, 44 financial institutions had upgraded to Type 1 securities trading licenses. Industry insiders caution that the business model of stablecoins remains unclear, and investors should be wary of speculation and risks.