Hong Kong Monetary Authority: Takes an Open Attitude Towards Stablecoin Fiat Currency Pegs, Issuer Licensing Threshold Is High

BlockBeats News, July 30th, according to a report by Economic Daily News, Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority, stated at a technical briefing on the regulatory regime for stablecoin issuers that the number of stablecoin issuer licenses to be issued in the first phase is not yet determined and will depend on the quality of the application materials submitted by applying institutions. It is expected that the first stablecoin issuer license will be issued in early next year, emphasizing that "the bar for approval is very high."

Eddie Yue also stated that the Hong Kong Monetary Authority is open to fiat currency pegs. Stablecoin issuers can apply for a license for a stablecoin pegged to a specific fiat currency or a basket of fiat currencies, with an emphasis on specifying the fiat currency at the time of application.