TechFlow, July 30 — According to reports by National Business Daily, at a technical briefing on the regulatory regime for stablecoin issuers, Joseph Chan, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), stated that the number of stablecoin issuer licenses to be issued in the first phase remains uncertain and will depend on the quality of applications submitted. The first license is expected to be granted early next year, with Chan emphasizing that "the threshold for approval is very high," and entry into the "sandbox testing" does not guarantee final licensing. Chan also noted that the HKMA maintains an open stance regarding fiat currencies: applicants may seek licenses for stablecoins pegged to a specific fiat currency or to a basket of fiat currencies, provided they clearly specify the currency or currencies involved at the time of application.
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