The Chief Executive of the Hong Kong Monetary Authority, Yu Weiwen, will announce a summary of the "stablecoin issuer licensing system" next week

According to BlockBeats news, on July 23rd, according to Zhitong Finance, the Chief Executive of the Hong Kong Monetary Authority, Yu Weiwen, stated in a post that he has noticed the recent occurrence of fraudulent activities by promoting digital assets and stablecoins, causing losses to the public. The Stablecoins Ordinance came into effect on August 1st. According to the regulations, promoting any unlicensed stablecoin to the Hong Kong public from the effective date is illegal. Yu Weiwen also noted that there have been many rumors about the application process in the market recently. The Hong Kong Monetary Authority will release a summary of the "stablecoin issuer licensing system" next week, which will explain the arrangements for the Monetary Authority to accept and process license applications. Interested parties are advised to stay tuned.