Hong Kong Monetary Authority: Initial holders of compliant stablecoins in Hong Kong must have verified identities

According to Caixin, the Hong Kong Monetary Authority will open applications for the first batch of stablecoin issuer licenses from August 1, 2025, to September 30, 2025, marking the official implementation phase of stablecoin regulation in Hong Kong. The identities of all holders of compliant stablecoins in Hong Kong must be verified, effectively implementing a real-name system to strengthen the fight against money laundering and financial crime risks. Hong Kong Monetary Authority Assistant President (Regulation and Anti-Money Laundering) Chan King-wang pointed out that this arrangement is stricter than the "whitelist" system previously proposed in the anti-money laundering consultation paper, but there is a chance to relax the regulations in the future if the technology matures. [Foresight News]