According to BlockSec, the Hong Kong Monetary Authority stipulates that only users who directly establish business relationships with stablecoin issuers must undergo KYC; Ordinary holders who obtain stablecoins through on chain transfers generally do not need to do KYC, but issuers must monitor risks through effective technical risk control measures. Issuers can choose to replace all holders' real names with technical measures, otherwise KYC must be conducted for all holders. The core of regulation is risk control, not a one size fits all real name authentication. read the whole passage: https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=47&id=46766