Foresight News reports that, according to Hong Kong News Network, the Hong Kong (Stablecoin Regulations) will come into effect on August 1, at which point the Hong Kong Monetary Authority will begin accepting license applications. Currently, the Hong Kong Monetary Authority has already initiated market consultations to establish specific guidelines for the implementation of the (Stablecoin Regulations) as soon as possible. In addition, the Hong Kong Monetary Authority has announced that it is leading the review of the implementation of the (Global Crypto Asset Activity Regulatory Framework) globally under the Financial Stability Board of the G20.