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Xu Zhengyu: Regulated stablecoins in Hong Kong are expected to be launched first by mid-year.

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ME News message. On June 11 (UTC+8), the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Mr. Eddie Hui, stated that before the two licensed stablecoin issuers begin official operations, they must complete technical platform and system testing and put in place risk management measures including reserve asset management, asset security assurance, a price stability mechanism, redemption rules, and cybersecurity. The Hong Kong Monetary Authority has always maintained close communication with the licensed issuers to ensure that all preparations are advanced in a solid and orderly manner. Given the current business plans of the two institutions, regulated stablecoins in Hong Kong are expected to be launched first around mid-year this year. The Hong Kong Monetary Authority has proactively contacted the remaining applicant institutions to conduct further communication and coordination. (Source: ODAILY)
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