Source: Shanghai Securities Journal

Author: Huang Bingyu

On July 23, Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, published an article discussing stablecoins again. Yue stated that the discussions around stablecoins in the market and society over the past month still need to be strengthened in terms of intensity and cooling down, and he talked about how to implement the "Stablecoin Regulation" according to prudent and sustainable principles.

Yue emphasized the necessity to prevent excessive speculation on stablecoins in the market and public opinion, noting several phenomena that deserve attention. First is the excessive conceptualization. Yue revealed that, based on Hong Kong's experience, dozens of institutions have proactively approached the Monetary Authority team, with some explicitly expressing their intention to apply for stablecoin licenses, while others are in a preliminary exploratory phase. However, many remain at the conceptual stage, proposing visions such as enhancing cross-border payment efficiency, supporting Web 3.0 development, and improving foreign exchange market efficiency, but lack practical application scenarios and cannot propose feasible specific plans and implementation strategies, let alone possess the awareness and capability to manage risks. Some institutions that can provide application scenarios, however, lack the technology to issue stablecoins and the experience and capability to manage various financial risks. Yue suggested that there could be multiple models for participating in stablecoins, and for such institutions, a more practical approach seems to be collaborating with other stablecoin issuers to provide application scenarios rather than pursuing the role of issuer.

Another trend that deserves attention is the bubble phenomenon. Yue stated that recently, with the heated speculation around the stablecoin concept, there has been excessive excitement in the market. Some listed companies, regardless of whether their main business is related to stablecoins or digital assets, have seen their stock prices rise and trading volumes increase significantly simply by claiming an intention to explore stablecoin business, which has also greatly enhanced their visibility.

Yue reiterated that the Hong Kong Monetary Authority had previously made it clear that only a few stablecoin licenses would be issued in the initial stage and advised investors to remain calm and think independently when digesting the so-called "positive" news in the market.

Yue indicated that after the "Stablecoin Regulation" is passed, the Hong Kong Monetary Authority will immediately implement the regulatory and anti-money laundering guidelines and seek market opinions. Currently, they are adjusting the requirements of the guidelines based on feedback, aiming to announce them by the end of July. It is expected that the final draft will not have significant adjustments compared to the consultation draft, and given the common international regulatory concerns, more rigorous requirements will be established in terms of anti-money laundering to minimize the risk of stablecoins being used as money laundering tools, ensuring the orderly and healthy development of Hong Kong's stablecoin market.

In addition, Yue stated that a summary explanation of the "Stablecoin Issuer Licensing System" will be published next week, which will outline the arrangements for the Hong Kong Monetary Authority to accept and process license applications.

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