The Hong Kong Licensing System in August sets a high strip star-news.press/wp
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Hongji Feng
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Hongji Feng
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Main meals:
- The Hong Kong licensing system for Stablecoin Exporters begins on August 1, with limited approvals in the initial stage.
- Applicants must show detailed control systems, including the safety of assets and AML compliance, and prove their ability to work across the judicial states.
- HKma refers to global regulatory frameworks, including FSB instructions, to organize its supervisory approach.
Hong Kong CEO (HKMA) has set Eddie Yi new forecasts for Stablecoin Exporters under the upcoming license system in the city, in A. statement Posted on June 20.
The decree that creates the framework, which was approved by the Legislative Council in May, is valid on August 1. Yi only said that a small number of exporters will be licensed at first, pointing to the need for “real -world use” and operational capacity.
Hong Kong to reduce stablecoin licenses
“The licenses must work in a wise and sustainable way,” said Yi. “Building confidence with market participants will be necessary.”
Applicants must prove that they have strong controls for reserve management, price stability, asset protection, money laundering, and that they are ready to follow the rules wherever Stablecoins is used.
From a supervisory point of view, Yue said that HKMA is compatible with international standards, indicating the work led by the Financial Stability Council (FSB). He also pointed out that Stablecoins carries features that raise border -related risks and not be identified, which require continuous international coordination.
“Given that Stablecoins is an emerging product, the version works include inherent risks, user protection considerations, and market fears. As such, the license system will have a relatively high entry bar,” said Yi.
“We expect to issue a limited number of licenses during the initial stage,” he said.
Global frameworks and payment
Repeat Yue that Stablecoins does not aim to work as investment tools. Instead, it is one of many emerging options for digital settlement, as well as the digital banks of the Central Bank and distinctive deposits.
The statement also confirmed that participating in the HKMA sand box is not a condition for the application or the approval of the license. All applicants will be evaluated under the same regulatory standards.
While the decree establishes the initial supervision structure in Hong Kong, Yi said future adjustments will consider the market capacity and protect the user. He added that the licensing system will be applied with “rigor and wisdom”.
How will Stablecoins work together with CBDCS and the symbols that export the bank are still without a solution. The authorities are still evaluating the legal status, interviewing intercourse, and potential risks across systems with different organizational models.
Related questions (common questions)
Yes, but exporters must show compliance with local regulations wherever the symbols are circulating, which makes the legal and operating preparation necessary.
Exporters may keep the Fiat currency reserves, short -term government bonds, or other low -risk assets. The formation and custody of these reserves affects stability, transparency and reliability of redemption.
Clear and timely redemption are essential for user confidence. Dragments or dark procedures can lead to price instability or the loss of PEG, especially during stress periods.
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2025-06-23 17:42:00
