Wu Jie Zhuang explained regarding "Hong Kong compliant stablecoin holders' identities need to be real-name verified": The Hong Kong Monetary Authority will implement KYC rules, but the specific plan will be submitted by the stablecoin issuer.

On July 30 (UTC+8), according to a Caixin report, the Hong Kong Monetary Authority will open the first batch of stablecoin issuer license applications from August 1, 2025 to September 30, and all Hong Kong compliant stablecoin holders will need to be identified with their real names. Hong Kong Legislative Council member Wu Jiezhuang said that the Hong Kong Monetary Authority will indeed implement KYC rules, but the specific implementation method has not yet been fully determined, and real-name authentication is only one method. Wu Jiezhuang emphasized that the specific plan will be submitted by the stablecoin issuer to the Hong Kong Monetary Authority, and then it can be approved if the Hong Kong Monetary Authority is satisfied. In addition, the KYC rules related to stablecoins may be stricter than those for cash. (Source: Techub News) [MetaEra]