Hong Kong Treasury Secretary: Target to issue stablecoin licenses within this year

According to BlockBeats, on July 7th, the "Stablecoins Ordinance" in Hong Kong, China came into effect in August. The Director of the Hong Kong Treasury, Patrick Hui, stated that the Hong Kong Monetary Authority is currently consulting the market on the implementation of the regulation guidelines, which will be released this month and will involve anti money laundering and other related requirements. He also stated that the number of stablecoin licenses approved will be in single digits and hopes to receive applications after the regulation comes into effect. The goal is to issue licenses within this year. As for whether financial institutions can issue stablecoins pegged to the Chinese yuan after obtaining licenses, he said that if it involves currencies from other jurisdictions, it needs to be discussed with relevant institutions. (Ming Pao)