TechFlow, July 30 — In response to a series of documents released by the Hong Kong Monetary Authority regarding the stablecoin issuer regulatory regime effective August 1, CITIC Securities provided an interpretation, reaching the following key points:
1. Reserve assets: Currently limited to cash management-type assets, with full reserve requirements.
2. Application process: Domestic enterprises must first obtain approval from relevant regulatory authorities before submitting an application.
3. Issuance, redemption, and distribution: Emphasis on client suitability management; neither issuers nor third-party distributors should operate in jurisdictions where stablecoin transactions are prohibited.
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