Hong Kong Monetary Authority: The first stablecoin issuance license may be distributed early next year, with very high thresholds.

On July 30, at a technical briefing on the regulatory framework for stablecoin issuers, Chen Weimin, Vice President of the Hong Kong Monetary Authority, stated that the number of stablecoin issuer licenses to be distributed in the first phase is still uncertain and will depend on the quality of the application materials submitted by the applicants. He expects the first stablecoin issuer license to be issued early next year and emphasized that "the threshold for approval is very high."

Chen Weimin also stated that the Hong Kong Monetary Authority holds an open attitude towards fiat currency types. Stablecoin issuers can apply for a license for a stablecoin pegged to a specific fiat currency, as well as apply for a license for a stablecoin pegged to a basket of fiat currencies, with the emphasis on indicating the fiat currency type at the time of application.