revealed<\/a> that regulators have received \u201ca number of applications\u201d from entities seeking to become licensed stablecoin issuers in the city, with the first licenses expected to be granted in the coming months.<\/p>\nSpeaking on June 20, Chan explained that the government is taking a step-by-step approach\u2014starting with establishing a regulatory foundation and initially focusing on fiat-pegged tokens.<\/p>\n
\u201cThe stablecoin, particularly when it is referenced to fiat currencies, (has) many user case scenarios,\u201d Chan said.<\/p>\n
Looking ahead, Chan said the next phase could include stablecoins that are \u201creal and integrated with the real economy.\u201d The goal, he added, is to ensure these digital assets serve practical use cases (e.g. improving cross-border payments) rather than becoming speculative instruments.<\/p>\n
Since July of last year, several companies have been testing their use cases under the HKMA\u2019s stablecoin sandbox, with Hong Kong Telecommunications, Standard Chartered, and Animoca Brands among the sandbox participants. <\/p>\n
<\/p>\n
The announcement follows the passage of Hong Kong\u2019s Stablecoins Bill by the Legislative Council in late May. The new Stablecoins Ordinance, which comes into effect on August 1, mandates that any entity issuing fiat-backed stablecoins\u2014whether pegged to the Hong Kong dollar or otherwise\u2014must obtain a license from the Hong Kong Monetary Authority. <\/p>\n
A number of local and international firms have already already announced plans to seek stablecoin licenses in Hong Kong, including tech giants like JD.com and Ant Group, banking institutions like Standard Chartered, as well as some logistics companies. <\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Hong Kong to start issuing first stablecoin licenses within months, with companies like Ant Group and JD.com already in line. In a recent interview with China Daily, Hong Kong Financial…<\/p>\n","protected":false},"author":1,"featured_media":2705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/3720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=3720"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/3720\/revisions"}],"predecessor-version":[{"id":3721,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/3720\/revisions\/3721"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/2705"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=3720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=3720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=3720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}