Tag Archives: Stablecoin Compliance

Understanding Hong Kong’s Stablecoin Issuer Licensing System in One Article

In July 2024, the Hong Kong Monetary Authority (“HKMA”) and the Financial Services and the Treasury Bureau (“FSTB”) issued a “Implementation Plan for the Supervision of Stablecoin Issuers in Hong Kong”.

Deputy Director of the Hong Kong Treasury Bureau: A 6-month "no violation period" transition period will be set for stablecoin issuers, and licenses must be submitted within 3 months of the system taking effect

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 applications

Wu Jiezhuang: I hope Hong Kong will improve the development and regulatory framework of Web3 and virtual assets as soon as possible

Golden Finance reported that Hong Kong Legislative Council member Wu Jiezhuang released a message on X that the Deputy Secretary for Financial Services and the Treasury, Chen Haolian, released a briefing and explained the "Proposed Stablecoin Issuer"

Hong Kong Monetary Authority: Currently, participants in the stablecoin issuer sandbox are not allowed to raise funds from the public, and violations will result in disqualification

On July 7, Chen Weimin, deputy director of the Hong Kong Monetary Authority, wrote in Huisi that the main applications proposed by the first three institutions participating in the "Sandbox" of stablecoin issuers are