Hong Kong Monetary Authority: Open to stablecoin fiat currency types, issuer license threshold is very high

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 to be 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 maintains an open attitude towards fiat currency types. Stablecoin issuers can apply for a license for a stablecoin pegged to a certain fiat currency, or they can apply for a license for a stablecoin pegged to a basket of fiat currencies. The key is to specify the currency type of the fiat currency in the application. [BlockBeats]