According to Foresight News, the Deputy Chief Executive of the Hong Kong Monetary Authority, Chen Weimin, stated at a technology briefing that the number of licenses for stablecoin issuers in the first phase is uncertain and will depend on the quality of the application materials. The first license is expected to be issued early next year, and he emphasized that the threshold for approval is very high. Entering the sandbox test does not mean that a license has been granted.
Chen Weimin also stated that the Hong Kong Monetary Authority has an open attitude towards fiat currency types, and stablecoin issuers can apply for a stablecoin license linked to a specific fiat currency or a basket of fiat currencies. Applicants need to specify the fiat currency type when applying.