The Hong Kong Stablecoin Licensing System Will Be Implemented! The Monetary Authority Calls for Interested Parties to Contact Authorities Before the End of August
The Hong Kong 'Stablecoin Regulation' will officially take effect on August 1. The Monetary Authority announced that there will be a 6-month transitional arrangement for entities that have previously engaged in stablecoin activities in Hong Kong. Additionally, the Monetary Authority encourages institutions interested in applying for a license to contact the authorities before August 31.
Regarding the regulatory system for stablecoin issuers that will come into effect in August, the Monetary Authority today released the following documents:
Consultation summary and guidelines for the 'Licensed Stablecoin Issuer Regulatory Guidelines'; Consultation summary (English version only) and the guidelines for 'Anti-Money Laundering and Counter-Terrorist Financing Guidelines (Applicable to Licensed Stablecoin Issuers)'; A summary description of the 'Stablecoin Issuer Licensing System' related to the licensing system and application procedures; A summary description of the 'Transitional Provisions for Existing Stablecoin Issuers'.
The Monetary Authority pointed out that the two sets of guidelines will be published in the gazette on August 1. With the regulatory system officially coming into effect, market participants should comply with the 'Stablecoin Regulation' and related guidelines.