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Hong Kong's compliant stablecoins to be launched as early as mid-year, with the Monetary Authority stating that the number of licenses will be "very limited"

WuSaidBlockchainW
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Wu Shuo learned that the Hong Kong government stated in its reply to the Legislative Council that after the implementation of the Stablecoin Ordinance, the Hong Kong Monetary Authority (HKMA) received applications from 36 institutions in the first phase, and has already issued stablecoin issuer licenses to two institutions in April this year. According to the current business plans of the two licensed issuers, regulated stablecoins in Hong Kong are expected to be launched as early as mid-year. The government stated that before the licensed issuers officially commence operations, they still need to complete preparations such as technical platform and system testing, reserve asset management, redemption arrangements, technological security, and staffing. The HKMA is further communicating with the remaining applicants, but future licensing will maintain high thresholds, requiring assessments of application scenarios, business sustainability, risk management capabilities, and compliance. The government also emphasized that even if new licenses are issued in the future, the total number of licenses will remain very limited. Additionally, the application scenarios for the two licensed issuers include utilizing compliant stablecoins to facilitate real-time on-chain tokenized asset trading, and participating in the HKMA’s central bank digital currency (CBDC) and tokenized deposit projects.
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AvocadoYieldRate
· 4h ago
Two organizations race ahead successfully; the true test will be at mid-year.
View OriginalReply0
ColdLightNftCabinet
· 4h ago
Regulatory-compliant stablecoins are finally here, on-chain trading is about to get lively
View OriginalReply0
GasfeeComplainer
· 4h ago
The scarcity of licenses is at its peak, and licensed institutions are highly sought after.
View OriginalReply0
DepegDaydream
· 5h ago
Technical testing + reserve assets + redemption mechanism, multiple layers of scrutiny
View OriginalReply0
ProofOfNap
· 5h ago
Only two out of 36 applications were approved; this threshold is indeed high.
View OriginalReply0

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