Secretary for the Treasury of Hong Kong: Applications for stablecoin licenses will be open to global institutions and must be submitted based on actual business from August 1

Hong Kong's Secretary for Financial Services and the Treasury, Hui Cheng-yu, yesterday replied to the Legislative Council Question 5: Promoting the development of stablecoins, saying that the HKMA (HKMA) will officially start accepting applications for licenses on August 1. The HKMA is currently conducting market consultation on specific guidelines for the implementation of the ordinance, with a view to formulating guidelines as soon as possible. Hong Kong's licensing system for stablecoin issuers is flexible and open, allowing licensed issuers to choose different fiat currencies as anchor fiat currencies for issuing stablecoins. Institutions in different parts of the world are welcome to apply for licenses according to their actual business needs, and will approve license applications with uniform standards, such as considering whether the issuer meets regulatory requirements such as reserve asset management, stabilization mechanism, redemption arrangements and internal control measures. The government and financial regulators will closely monitor regulatory developments in different regions and maintain communication with local regulators.