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Frank Hui, the Secretary for Financial Services and the Treasury of the Hong Kong SAR Government, announced that the Stablecoin Ordinance will be enacted in August. The Hong Kong Monetary Authority is currently engaging in market consultations regarding the implementation guidelines for the Ordinance, with the details anticipated to be unveiled within this month, including measures such as anti-money laundering requirements. Hui disclosed that the number of stablecoin licenses will be limited to single digits, aiming to issue them within this year. In response to this news, stocks of cryptocurrency-related companies in Hong Kong have sustained their upward trajectory, with New Spark Technology Holdings and Guotai Junan International both experiencing gains exceeding 7%, and OKLink rising approximately 3%.
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