Coin World News reports that on August 13 (UTC+8), Hong Kong senior compliance lawyer Wu Wenqian stated that the regulation of the crypto industry in Hong Kong has entered a tightening phase. The difficulty of approval for bank account openings and license applications has significantly increased in the past six months. This change aligns with regulatory patterns — initially loose regulations attracted a large number of institutions, but subsequently, in order to prevent risks, it is bound to tighten. If the international anti-money laundering organization conducts an assessment of Hong Kong next year, it is expected that anti-money laundering, KYC, and reserve transparency requirements will further increase, especially affecting compliance thresholds in the stablecoin sector. The current conservative policy in Hong Kong is a preparation for this possible international review in advance. (Source: MLion)