Hong Kong Monetary Authority: First stablecoin license may be issued in early next year; entering sandbox testing does not guarantee license approval

On July 30, according to the Daily Economic News, Howard Chan, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), stated at a technical briefing on the regulatory regime for stablecoin issuers that the number of stablecoin issuer licenses issued in the first phase is still uncertain and will depend on the quality of the application materials submitted by the applying institutions. He expects the first stablecoin issuer license to be issued in early next year and emphasized that "the threshold for passing is very high," and entering the "sandbox testing" does not mean that a license will be approved. Howard Chan also stated that the HKMA maintains an open attitude regarding fiat currency types. Stablecoin issuers can apply for a license for a stablecoin pegged to a specific fiat currency or a stablecoin pegged to a basket of fiat currencies. The key is to specify the currency type in the application. [Techflow]