TechFlow reported on July 30, according to Techub News, that Ng Ka-chung explained the requirement for "real-name registration of holders of compliant stablecoins in Hong Kong." He stated that while the Hong Kong Monetary Authority (HKMA) will indeed implement KYC rules, the specific implementation methods have not yet been fully determined, and real-name registration is only one possible approach. The exact proposals will be submitted by stablecoin issuers to the HKMA and must receive satisfactory review and approval from the authority. Additionally, KYC requirements for stablecoins will be stricter compared to cash.
Earlier reports from Caixin indicated that initial holders of Hong Kong-issued stablecoins would require real-name registration, with potential relaxation of these rules in the future.
