The Hong Kong government has released the 'Stablecoin Regulations', marking the imminent issuance of the Hong Kong version of the stablecoin.
Three institutions will test the issuance plan in 2024, subject to the approval of the Monetary Authority. Applicants must meet multiple requirements, including capital requirements and compliance mechanisms. The Hong Kong version of the stablecoin is expected to be used for cross-border payments and investment transactions, showcasing the differences between regulatory and mainland policies.
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