Yu Weiwen: Hong Kong has established relatively strict standards for stablecoin issuers, expecting to issue only a few licenses in the first phase.

Hong Kong's "Stablecoin Ordinance" will come into effect on August 1, and the Chief Executive of the Hong Kong Monetary Authority, Eddie Yue, said that Hong Kong has set relatively strict standards for stablecoin issuers, with a high entry threshold, almost on par with e-wallets and banking supervision, and it is expected that only a few licenses will be issued in the first phase, and the licensed stablecoins will have different specific purposes, such as cross-border trade. Yue mentioned that the Hong Kong Monetary Authority (HKMA) has very strict requirements for risk management, whether it is asset reserve management, stability mechanism, redemption policy, or most importantly, anti-money laundering regulations, which are almost the same as e-wallets and banks, while stablecoins have payment attributes, and the Stablecoin Ordinance provides a comprehensive regulatory framework for issuers to ensure that the same risks are subject to the same regulatory rules, and that the industry develops healthily and sustainably. ( gold ten )