Hong Kong Monetary Authority: Any institution intending to apply for a license to conduct regulated stablecoin activities should express their intention to the licensing team

According to Foresight News, the Hong Kong Monetary Authority has issued a regulatory system for stablecoin issuers. Any institution interested in applying for a license to conduct regulated stablecoin activities should express their intention to the licensing team. This will facilitate preliminary and informal discussions, allowing the licensing team to gain a deeper understanding of its background and business model, as well as ensuring that it fully understands the licensing procedures and the minimum standards required by the financial management commissioner. Discussions can avoid submitting applications when the timing is not yet ripe, and can also shorten the time required to process subsequent applications. If the Financial Supervisory Commissioner grants a license for any regulated stablecoin activity related to the application, the license may be subject to any conditions deemed appropriate by the Financial Supervisory Commissioner. The Monetary Authority shall not grant a license unless he is satisfied that the minimum criteria applicable to the relevant licensee will be met if the license is granted.