Regulatory Developments for Stablecoins in Hong Kong
The regulatory landscape for stablecoins in Hong Kong is on the verge of an important development. The Hong Kong Monetary Authority (HKMA) is set to conduct a technical briefing later today at 4:30 pm, aimed at explaining the regime governing stablecoin issuers. This event will feature key figures from the HKMA, including Vice President Eddie Cheng and other department heads specializing in regulatory compliance and monetary management.
Upcoming Guidelines and Regulatory Framework
In a prior announcement, the HKMA indicated that it would unveil a set of guidelines tailored specifically for stablecoins within the current month. This framework is expected to address essential regulatory components such as:
- Measures against money laundering
- Protocols for customer identification
Additionally, the HKMA has urged market participants to maintain a cautious outlook and to refrain from acting on speculative impulses. Notably, the number of licenses available to initial stablecoin issuers will be restricted to fewer than ten, with aspirations to grant these licenses by the year’s end. This move reflects the HKMA’s intent to establish a controlled and transparent environment for stablecoin operations.
(Finance Infoday)
