TechFlow, on July 30, according to Caixin, the Hong Kong Monetary Authority will open applications for the first batch of stablecoin issuer licenses from August 1 to September 30, 2025, marking Hong Kong's stablecoin regulation entering the formal implementation phase. All holders of Hong Kong-compliant stablecoins must undergo identity verification, effectively implementing a real-name system to strengthen efforts against money laundering and financial crimes. Kenneth Chan, Assistant Chief Executive (Regulation and Anti-Money Laundering) of the Hong Kong Monetary Authority, pointed out that this arrangement is stricter than the earlier "whitelist" system proposed in the anti-money laundering consultation paper, but if technology matures in the future, there may be opportunities to relax the rules.
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