Yu Weiwen: A summary explanation of the "stablecoin issuer licensing system" will be released next week

According to a report by Golden Finance, the Chief Executive of the Hong Kong Monetary Authority, Yu Weiwen, has issued a document discussing stablecoins. He mentioned that after the passage of the Stablecoins Ordinance, we will immediately seek market opinions on the implementation of the regulation and anti money laundering guidelines. Currently, we are adjusting the requirements of the guidelines appropriately based on feedback and striving to publish them by the end of July. We expect that there will not be significant adjustments to the final draft and consultation draft, and given the common concern of international regulators, more stringent requirements will be established in anti money laundering to minimize the risk of stablecoins becoming money laundering tools, in order to ensure the orderly and healthy development of the stablecoin market in Hong Kong. We have also noticed that there have been many rumors about the application process in the market recently. We will release a summary of the "stablecoin issuer licensing system" next week, which will explain the arrangements for the Hong Kong Monetary Authority to accept and process license applications. (Golden Ten)