When questioned about stablecoin licensing, Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue, speaking to the media after a Legislative Council Financial Affairs Committee meeting, indicated that the authority has requested additional information from some applicants. He expressed hope that the responses would be prompt and comprehensive, stating that if the HKMA receives all the necessary information, it aims to issue the first licenses by March this year, although the number will be limited, with stability as the primary objective. Eddie Yue mentioned that the regulatory framework and licensing system have been clearly established. He noted that if future operators engage in any cross-border activities, they must comply with local regulatory requirements in those jurisdictions. For stablecoins issued overseas to be used within the current Hong Kong framework, particularly for retail purposes, they must obtain a license in Hong Kong. The licensing conditions include establishing a local office in Hong Kong and holding reserve assets within the city. He stated that the regulation and licensing of stablecoins are still in their early stages and suggested that discussions on international mutual recognition arrangements may take place in the future.
Comments