Hong Kong stablecoin initial holders must have their identities verified, with regulations potentially being relaxed later.
Powered by ChatGPTOn July 30 (UTC+8), 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 identities of all compliant stablecoin holders in Hong Kong must be verified, which is equivalent to 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) Chen Jinghong 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]