HKMA Chief Executive Eddie Yu: In the initial implementation phase of the "stablecoin regulations," Hong Kong may issue only a few licenses.

According to Techub News, as reported by Hong Kong Wen Wei Po, the President of the Hong Kong Monetary Authority, Eddie Yue, stated today at the 18th Annual Meeting of the Hong Kong Investment Funds Association that the “stablecoin regulations” provide a comprehensive regulatory framework for issuers, ensuring that the same risks have the same regulatory rules, as well as the healthy and sustainable development of the industry. He indicated that Hong Kong has established relatively strict standards for stablecoin issuers, with a higher entry threshold. He expects that at the initial stage of the implementation of the regulations, Hong Kong may only issue a few licenses, and the stablecoins issued will also have specific uses (for example, only for cross-border trade purposes). Eddie Yue stated that the stablecoin sandbox program launched earlier by the Monetary Authority aims to allow the financial industry to test application scenarios and share experiences. However, he emphasized that financial institutions participating in the sandbox program are not guaranteed to obtain licenses in the end, meaning that institutions intending to issue stablecoins will still need to submit additional license applications in the future.