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Xu Zhengyu: It is expected that part of the stablecoin licenses will be issued early next year, with priority given to prudent reserve management, price stability, and anti-money laundering measures.
BlockBeats News, December 19th, according to the Hong Kong Economic Daily, Hong Kong Secretary for Financial Services and the Treasury Christopher Hui mentioned on Friday (the 19th) at an event that as of the end of September this year, they have received 36 stablecoin license applications from various industries. It is expected that some licenses will be issued early next year, with a priority on robust reserve management, price stability, and anti-money laundering measures. He pointed out that these measures not only protect investors but also reduce potential trading conflicts by establishing a clear compliance path, helping to resolve potential disputes.
The Hong Kong Stablecoin Ordinance took effect in August this year. A spokesperson for the Hong Kong Monetary Authority stated in October that they would review the applications and approve them in accordance with the Stablecoin Ordinance and related regulatory requirements. The license application has a high threshold, and only a few licenses will be issued in the initial stage. Regarding the progress of the licensing regime for virtual asset trading and custody service providers, Christopher Hui pointed out that they are working with the Securities and Futures Commission of Hong Kong to formulate the detailed content of the licensing regime, planning to submit it to the Legislative Council for deliberation next year. He emphasized that the regulatory framework would cover key aspects of the virtual asset industry, striving to achieve a balance between risk management and innovation. He reiterated that the Hong Kong government is "carefully formulating" various policy measures, aligning standards for Web 3.0 and digital assets to safeguard investor rights, ensure regulatory clarity and transparency, and promote international alignment, thereby creating an environment that fosters innovation without compromising stability. Previously, the People's Bank of China stated last month that stablecoins pose risks for illegal activities, and the market is concerned about whether this would affect the direction of stablecoin adoption in Hong Kong.
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