Hong Kong Monetary Authority: A 6-month transition period will be established after the Stablecoin Regulation comes into effect

ChainCatcher news, according to the Hong Kong Radio website, the "Stablecoin Regulation" will take effect this Friday. The Hong Kong Monetary Authority stated that there will be a 6-month transitional arrangement to handle institutions that already have stablecoin issuance operations in Hong Kong, including issuing temporary licenses to issuers capable of complying with regulatory requirements.

If the issuer fails to meet the relevant requirements within 3 months after the regulation takes effect, they must orderly wind down their operations in Hong Kong within 4 months after the law comes into effect; if the Financial Management Commissioner is not satisfied that the issuer is capable of meeting the licensing criteria and regulatory requirements, the issuer must orderly wind down their Hong Kong operations within one month after receiving the rejection notice.