Hong Kong Monetary Authority: Applications Open for Basket Fiat-Pegged Stablecoins, First License May Be Issued Early Next Year

According to ChainCatcher, citing a report from National Business Daily, Hong Kong Monetary Authority Deputy Chief Executive Arthur Yuen stated at a technical briefing on the stablecoin issuer regulatory regime that the number of stablecoin issuer licenses to be issued in the first phase is still uncertain and will depend on the quality of application materials submitted by institutions. He expects the first stablecoin issuer license to be issued early next year and emphasized that "the approval threshold is very high." Entering the "sandbox testing" phase does not guarantee license approval.

Arthur Yuen also noted that the Hong Kong Monetary Authority maintains an open attitude regarding fiat currencies. Stablecoin issuers may apply for a license for a stablecoin pegged to a single fiat currency or to a basket of fiat currencies, with the key requirement being that the fiat currency or currencies must be specified in the application.