Ng Kit-chong: The Hong Kong Monetary Authority will implement stablecoin KYC rules, but the specific plan will be submitted by the stablecoin issuer.

On July 30 (UTC+8), regarding the issue of "Hong Kong compliant stablecoin holders needing to be identified with their real names," Wu Jiezhuang stated that the Hong Kong Monetary Authority (HKMA) will implement KYC rules, but the specific implementation details have not yet been fully finalized, and real-name registration is only one of the optional solutions. Stablecoin issuers need to submit specific plans to the HKMA and obtain its approval. In addition, the KYC rules for stablecoins will be stricter than those for cash. Previously, Caixin.com reported that Hong Kong stablecoins would initially require holders to register with their real names, and this regulation may be relaxed in the future. (Source: Mlion.ai) [MetaEra]