TechFlow news, July 7 — According to Jinshi Data citing Ming Pao, Hong Kong's "Stablecoin Ordinance" will take effect in August. Xavier Cheng, Secretary for Financial Services and the Treasury of Hong Kong, stated that the Hong Kong Monetary Authority is currently consulting the market on guidelines for implementing the ordinance, which will be released within this month and include details on anti-money laundering and other related requirements. He also indicated that the number of stablecoin licenses issued will be in single digits, hoping to receive applications after the ordinance takes effect, with the goal of issuing licenses within this year. Regarding whether financial institutions with licenses could issue stablecoins pegged to the Chinese yuan, he said such cases involving currencies from other jurisdictions would require discussions with relevant authorities.
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