Hong Kong Treasury Secretary: Aim to issue stablecoin licenses this year

the "Stable Coin Ordinance" in Hong Kong, China will take effect in August. The Financial Secretary of Hong Kong, Paul Chan, stated that the Hong Kong Monetary Authority is currently consulting the market on implementing the ordinance guidelines. The guidelines will be announced within this month, and will specifically involve anti-money laundering and other related requirements. He also mentioned that the number of stable coin licenses issued will be in single digits. He hopes to receive applications after the ordinance takes effect, with the goal of issuing licenses within this year. As for whether financial institutions that obtain licenses can issue stable coins pegged to the RMB, he said that if it involves currencies from other jurisdictions, discussions will need to be held with the relevant institutions.