Yu Weiwen: Hong Kong has established relatively strict standards for stablecoin issuers, and it is expected that only a few licenses will be issued in the first phase
ChainCatcher news, according to Jinshi Data reports, the "Stablecoin Regulation" in Hong Kong will come into effect on August 1. The President of the Hong Kong Monetary Authority, Yu Weiwen, stated that Hong Kong has established relatively strict standards for stablecoin issuers, with high entry barriers that are almost on par with the regulations for electronic wallets and banks. It is expected that only a few licenses will be issued in the first phase, and the licensed stablecoins will have different specific uses, such as for cross-border trade.Yu Weiwen mentioned that the Hong Kong Monetary Authority has very strict requirements for risk management, whether it is asset reserve management, stability mechanisms, redemption policies, or, most importantly, anti-money laundering regulations, which are almost the same as those for electronic wallets and banks. Since stablecoins have payment attributes, the "Stablecoin Regulation" provides issuers with a comprehensive regulatory framework to ensure that the same risks have the same regulatory rules, as well as to promote the healthy and sustainable development of the industry.
