Hong Kong Treasury Secretary: Aim to issue stablecoin licenses this year

According to the South China Morning Post, the director of the Hong Kong Financial Treasury Bureau, Xu Zhengyu, stated that the Hong Kong Monetary Authority is currently consulting the market on regulatory guidelines, which will be announced this month and will involve anti-money laundering and other related requirements. He also indicated that the number of stablecoin licenses issued would be in single digits, hoping to receive applications after the regulations take effect, with the goal of issuing licenses this year. Regarding whether financial institutions that obtain licenses can issue stablecoins pegged to the renminbi, he said that if it involves currencies from other jurisdictions, discussions with relevant institutions would be necessary.