Hong Kong Monetary Authority: Stablecoins do not have to be pegged to the Hong Kong dollar
Regarding the public consultation paper jointly issued by the Treasury Bureau and the HKMA yesterday, He Hanjie, Assistant Chief Executive (Monetary Management) of the HKMA, stated that stablecoins do not necessarily have to be pegged to the Hong Kong dollar. However, existing stablecoin issuers on the market must obtain a license in Hong Kong, otherwise the relevant platforms will only be able to sell the stablecoins to professional investors. The stablecoin issuance system is aimed at issuers, and if there are more than one stablecoin, restrictions will be imposed based on the licensing activities and conditions. He Hanjie also stated that there is a six-month transition period in this document. After the regulations take effect, existing issuers must submit a license application within the first three months. If no application is submitted within the period, their business will be orderly terminated by the end of the fourth month.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Macro volatility keeps Solana range-bound
Rate cuts drift into Q4 limbo as markets pretend everything’s fine
Polygon Shuts Down zkEVM After $1 Million Loss
Oil Prices Surge Amid US-Iran Military Tensions
US Wage Growth Hits Record High Under Trump’s Administration
Trending news
MoreCrypto prices
More








