According to ChainCatcher, the Hong Kong Monetary Authority may conditionally allow certain stablecoin cases to conduct currency mismatching. Licensed institutions must demonstrate full payout capability, including ensuring that risks are not transferred to holders under extreme market pressure.
Licensed institutions must discuss and obtain approval from the Hong Kong Monetary Authority before proposing plans for reserve asset composition and proportion arrangements, risk management measures, etc.
The Hong Kong Monetary Authority does not prohibit licensed institutions from employing distributors outside Hong Kong, but due diligence and risk assessment must be conducted, third-party risk management measures must be followed, and local laws and regulations must be complied with.