Hong Kong Treasury Secretary: Target to issue stablecoin licenses within this year
2025-07-07 00:57:57
On July 7, China's Hong Kong Stablecoin Ordinance came into effect in August. Xu Zhengyu, director of the Hong Kong Treasury, said that the HKMA is currently consulting the market on the implementation of the regulations guidelines. The guidelines will be announced this month. The specific content will involve anti-money laundering and other related requirements. He also stated that the number of stablecoin licenses granted will be in the single digits. He hopes to receive applications after the ordinance comes into effect, with the goal of issuing licenses within this year. As for whether a Financial Institution Group can issue stablecoins pegged to the RMB after obtaining a license, he said that if it involves currencies in other jurisdictions, it will be discussed with relevant institutions.
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