Deputy Governor of the Hong Kong Monetary Authority: Stablecoin issuers who want to launch a Renminbi stablecoin must obtain approval from mainland Chinese regulators

ChainCatcher News reports that, according to Hong Kong Wen Wei Po, Hong Kong Monetary Authority Deputy Chief Executive Chen Weimin stated that the choice of which currency to issue by stablecoin issuers mainly depends on the applicant’s own decision. They can initially launch a Hong Kong dollar stablecoin, and in the future, issuing other currencies including the Renminbi is permitted under Hong Kong’s system. However, applicants also need approval from mainland regulatory authorities.

Regarding when the second batch of stablecoin issuer licenses will be issued, Chen Weimin said there is no specific timetable at present, but they have been maintaining communication with applicants interested in applying for licenses. It is reported that HSBC’s stablecoin will be integrated into the PayMe and HSBC HK App, supporting real-time transfers between individuals and peer-to-merchant (P2M) services.