Hong Kong Monetary Authority: Open to fiat currency stablecoins, but the threshold for issuer licenses is very high.
Powered by ChatGPTOn 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."
Howard Chan also stated that the HKMA is open to fiat currency types. Stablecoin issuers can apply for a license for a stablecoin pegged to a specific fiat currency or for a stablecoin pegged to a basket of fiat currencies. The key is to specify the fiat currency type in the application. [BlockBeats]