Eddie Yue: The approval standards for stablecoin issuer licenses are very high, and only a few licenses will be granted initially.

According to ChainCatcher, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority have issued a joint statement regarding market volatility related to stablecoins. To maintain market integrity and stability and to protect investors, the Hong Kong Securities and Futures Commission has a dedicated market surveillance team and advanced, verified systems to closely monitor trading activities in Hong Kong. The SFC will take strict action against any manipulation or fraudulent behavior that may harm market integrity and stability.

The Chief Executive of the Hong Kong Monetary Authority, Eddie Yue, stated that the HKMA adopts a strict and prudent approach in approving applications for licenses from stablecoin issuers. The approval standards are very high, and initially, only a few licenses will be granted. As part of normal market communication, we have had preliminary discussions with several institutions regarding stablecoin licenses. These communications and expressions of intent and applications for licenses do not constitute approval for any institution, nor do they imply any recognition of their prospects for obtaining a license.