Hong Kong Monetary Authority: "Stablecoin Regulation" establishes a 6-month transition period and implements a classification treatment for existing stablecoin issuers

BlockBeats News, July 29th, the Hong Kong Monetary Authority announced that the "Stablecoin Regulation" will have a 6-month transition period after it takes effect on August 1st, and will implement a classification treatment for existing stablecoin issuers: those that comply with regulatory requirements may obtain a temporary license; those who fail to meet the standards within 3 months must cease operations within 4 months; those that do not meet the licensing criteria must cease operations within 1 month of receiving notice. Regulatory requirements include full reserves, same-day redemption, establishment of a presence in Hong Kong, and maintaining sufficient financial resources, among others. Initially, only a small number of licenses will be issued, and issuers are required to implement customer due diligence, transaction monitoring, and other compliance measures. Violators will face penalties such as fines, license suspension, or revocation.

As of today, the HKMA has not issued any licenses. The public can refer to the licensed stablecoin issuers published on the HKMA website in the future. The public should remain vigilant against any claims of regulated or licensed stablecoin issuers in Hong Kong, as well as individuals claiming to be applying for a license. If the public holds unlicensed stablecoins, they do so at their own risk.