Wu Jiezhuang: The Hong Kong Monetary Authority will implement stablecoin KYC rules, but the specific plan will be submitted by the stablecoin issuer.

Wu Jiezhuang explained regarding "Hong Kong compliant stablecoin holders' identities need to be real-name verified" that the Hong Kong Monetary Authority (HKMA) will indeed implement KYC rules, but the specific implementation methods have not been fully determined, and real-name verification is only one of the methods. The specific plan will be submitted by the stablecoin issuer to the HKMA, and then it can be approved if the HKMA is satisfied. In addition, the KYC rules related to stablecoins will be stricter than those for cash.

According to previous news, Caixin.com reported that the identities of Hong Kong stablecoin initial holders need to be real-name verified, and the regulations may be relaxed later. (Techub News)