Yu Weiwen: A summary of the "Stablecoin Issuer Licensing System" will be announced next week

ChainCatcher news, Hong Kong Monetary Authority President Yu Weiwen published an article discussing stablecoins again. He mentioned that after the "Stablecoin Regulation" is passed, we will immediately implement the regulatory and anti-money laundering guidelines and seek market opinions. Currently, we are making appropriate adjustments to the guidelines based on feedback, aiming to announce them by the end of July.

We expect that the final draft will not have significant changes compared to the consultation draft. Given the common international regulatory concerns, stricter requirements will be established in terms of anti-money laundering to minimize the risk of stablecoins being used as tools for money laundering, ensuring the orderly and healthy development of Hong Kong's stablecoin market. We have also noticed recent rumors in the market regarding the application process. We will publish a summary of the "Stablecoin Issuer Licensing System" next week, which will outline the arrangements for the Monetary Authority to accept and process license applications.