CITIC Securities: Domestic enterprises should obtain permission from relevant regulatory authorities before applying for a Hong Kong stablecoin issuer license.

On July 30th, CITIC Securities interpreted a series of documents released by the Hong Kong Monetary Authority regarding the regulatory regime for stablecoin issuers, which will be implemented on August 1st. The main points are as follows:
1. Reserve Assets: Currently limited to cash management assets, requiring full reserves.
2. Application Procedures: Domestic enterprises should obtain permission from relevant regulatory authorities before submitting an application.
3. Issuance, Redemption, and Distribution: Focus on customer suitability management. Neither the issuer nor third-party distributors should be involved in business operations in jurisdictions where stablecoin trading is prohibited. [Techflow]