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Hong Kong's "Stablecoin Ordinance" will come into effect on August 1. The Hong Kong Monetary Authority (HKMA) is currently consulting with the market on relevant guidelines and intends to release these guidelines, encompassing anti-money laundering measures and other crucial elements, within this month. Financial Secretary of Hong Kong, Eddy Hui, disclosed that the number of stablecoin licenses will be stringently limited to a single-digit figure. He expressed hope to commence receiving applications post-enactment of the ordinance and endeavors to issue licenses within the year. When asked about the possibility of issuing a Renminbi-pegged stablecoin, Hui noted that further deliberations with institutions from other jurisdictions are necessary.
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