Aiying reported that the HKMA recently announced the list of participants in the "sandbox" for stablecoin issuers. The first batch of three groups of institutions "entered the box" for testing, involving major application scenarios including payment, supply chain management and capital market use cases. Chen Haolian, deputy director of the Hong Kong Treasury Bureau, said that in addition to the current virtual asset trading platform regulatory system, the establishment of a licensing system for legal currency stablecoin issuers will strengthen Hong Kong's virtual asset regulatory framework to be consistent with international standards. The system has a transition period. Issuers with meaningful and substantive issuance business can continue to operate during the "no violation period" transition period of 3 months after the system takes effect, but must submit a license application within the first 6 months, otherwise they must orderly terminate their business before the end of the 3th month.