Yu Weiwen: Hong Kong sets relatively strict standards for stablecoin issuers, and it is expected that only a few licenses will be issued in the first phase

The Hong Kong Stablecoins Ordinance will come into effect on August 1st. The Chief Executive of the Hong Kong Monetary Authority, Yu Wai man, stated that Hong Kong has set relatively strict standards for stablecoin issuers, with high entry barriers that are almost on par with electronic wallets and banking supervision. It is expected that only a few licenses will be issued in the first phase, and the licensed stablecoins will have different specific uses, such as cross-border trade. (Sina Finance)