Hong Kong stablecoin initial holders must have their identities verified, with regulations potentially being relaxed later.
Powered by ChatGPTOn July 30, according to Caixin.com, the Hong Kong Monetary Authority will open the first batch of stablecoin issuer license applications from August 1 to September 30, 2025, marking the official implementation stage of stablecoin regulation in Hong Kong. The identity of all Hong Kong compliant stablecoin holders must be verified, which is equivalent to a real-name system, to strengthen the fight against money laundering and financial crime risks. Chen Jinghong, Assistant President (Regulation and Anti-Money Laundering) of the Hong Kong Monetary Authority, pointed out that this arrangement is stricter than the "whitelist" system in the previous anti-money laundering consultation document, but if the technology matures in the future, there is a chance to relax the regulations. [Techflow]