Hong Kong Monetary Authority to release summary of stablecoin licensing regime next week

On July 23, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, said that the Stablecoin Ordinance will take effect on August 1, when it will be illegal to promote any unlicensed stablecoin to the Hong Kong public. He pointed out that there have been recent scams targeting stablecoins and digital assets in the market, causing losses to the public. In response to market concerns about the application process, the HKMA plans to publish a summary of the "Licensing System for Stablecoin Issuers" next week, which will detail the acceptance and processing arrangements for license applications. Eddie Yue called on interested parties to stay tuned. [PANews]