Yu Weiwen: Hong Kong has set relatively strict standards for stablecoin issuers, and it is expected that only a few licenses will be issued in the first phase

PANews reported on June 23 that according to Jinshi Data, the Hong Kong Stablecoin Ordinance will take effect on August 1. Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, said that Hong Kong has set strict standards for stablecoin issuers, and the regulatory requirements are almost the same as those for e-wallets and banks. It is expected that only a small number of licenses will be issued in the first phase. Approved stablecoins will be used for specific purposes, such as cross-border trade. The regulations have a comprehensive regulatory framework for risk management, asset reserves, stabilization mechanisms and anti-money laundering regulations to ensure the healthy development of the industry.