Hong Kong Monetary Authority: Can apply for a package of fiat currency-linked stablecoins, and the first license may be issued early next year

According to Foresight News, according to the Daily Economic News, Chen Weimin, Vice President of the Hong Kong Monetary Authority, said at a technical briefing on the stablecoin issuer regulatory system that the number of stablecoin issuers issued in the first stage is still uncertain, and depends on the quality of the application materials submitted by the application agency. It is expected that the first stablecoin issuer license will be issued at the beginning of next year and emphasized that "the threshold for passing is very high". Entering the "sandbox test" does not mean that the license can be approved. Chen Weimin also said that the Hong Kong Monetary Authority is open to fiat currency. Stable currency issuers can apply for a stablecoin pegged to a certain fiat currency, or apply for a stablecoin pegged to a package of fiat currency. The key is that the currency of the fiat currency must be indicated when applying.
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