CoinVoice has learned that, according to the Hong Kong Economic Journal, the Secretary for Financial Services and the Treasury, Xu Zhengyu, stated during an event on Friday (the 19th) that as of the end of September this year, 36 applications for stablecoin licenses had been received from various sectors, and it is expected that some licenses will be issued early next year, prioritizing sound reserve management, price stability, and anti-money laundering measures.
He pointed out that the relevant measures not only protect investors but also help resolve potential disputes by establishing clear compliance pathways, reducing ambiguities that may lead to trading conflicts.
The Hong Kong Stablecoin Regulation came into effect in August this year, and a spokesperson for the Hong Kong Monetary Authority stated in October that the authority would review the application materials and approve them in accordance with the Stablecoin Regulation and related regulatory requirements. The license applications have a high threshold, and only a few licenses will be issued in the first phase.
Regarding the progress of the licensing system for virtual asset trading service providers and custodians, Xu Zhengyu pointed out that he is working with the Hong Kong Securities and Futures Commission to formulate the detailed content of the licensing system, with plans to submit it to the Legislative Council for review next year, emphasizing that the regulatory framework will cover key aspects of the virtual asset industry, striving to achieve a balance between risk management and innovation.
He reiterated that the Hong Kong government has "carefully crafted" various policy measures, coordinating the standards for the third generation of the internet (Web 3.0) and digital assets, to protect investor rights, ensure regulatory clarity and transparency, and promote international alignment, thereby creating an environment that fosters innovation without undermining stability.
Previously, it was learned that the People's Bank of China stated last month that stablecoins pose risks of being used for illegal activities, and the market is concerned about whether this will affect Hong Kong's direction in implementing stablecoins. [Original link]