According to BlockBeats, Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue announced that Hong Kong has established stringent standards for stablecoin issuers. The entry requirements are high, aligning closely with the regulations for electronic wallets and banks. It is anticipated that only a few licenses will be issued in the initial phase, with licensed stablecoins serving specific purposes such as cross-border trade.
Eddie Yue emphasized that the HKMA imposes rigorous risk management requirements, covering asset reserve management, stabilization mechanisms, redemption policies, and anti-money laundering regulations, which are nearly identical to those for electronic wallets and banks. The Stablecoin Ordinance provides a comprehensive regulatory framework for issuers, ensuring that similar risks are subject to similar regulatory rules, promoting the healthy and sustainable development of the industry.