Yu Weiwen: Hong Kong has set relatively strict standards for stablecoin issuers and it is expected that only a few licenses will be issued in the first phase

Mars Finance News: The Hong Kong "Stablecoin Regulation" will take effect on August 1st. Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, stated that Hong Kong has established relatively strict standards for stablecoin issuers, with high entry barriers almost on par with electronic wallet and banking regulations. He expects that only a few licenses will be issued in the first phase, and the licensed stablecoins will have specific purposes, such as cross-border trade. Yue mentioned that the Hong Kong Monetary Authority has very strict risk management requirements, covering asset reserve management, stability mechanisms, redemption policies, and most importantly, anti-money laundering regulations, which are almost identical to those for electronic wallets and banks. Since stablecoins have payment attributes, the "Stablecoin Regulation" provides a comprehensive regulatory framework for issuers, ensuring that similar risks have similar regulatory rules and promoting healthy and sustainable industry development. (Jinshi)