TechFlow news, June 23 — According to Jinshi Data, Hong Kong's Stablecoin Ordinance will take effect on August 1. Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), said that Hong Kong has set relatively strict standards for stablecoin issuers, with high entry barriers nearly equivalent to those for e-wallets and banks. It is expected that only a few licenses will be issued in the first phase, and licensed stablecoins will serve specific purposes such as cross-border trade. Mr. Yue noted that the HKMA has very stringent risk management requirements—covering reserve asset management, stability mechanisms, redemption policies, and most importantly, anti-money laundering regulations—all nearly on par with those applicable to e-wallets and banks. Given stablecoins’ payment functionality, the Stablecoin Ordinance provides issuers with a comprehensive regulatory framework to ensure consistent regulation for equivalent risks and to support healthy and sustainable industry development.
Risk Disclosure: This website's content is not investment advice and offers no trading guidance or related services. Per regulations from the PBOC and other authorities, users must be aware of virtual currency risks. Contact us / support@techflowpost.com ICP License: 琼ICP备2022009338号
