After studying, it was found that the regulations for stablecoins in Singapore and the United States only require KYC for issuers or redeemers, and not for holders. Hong Kong can be said to have the strictest and most conservative stablecoin policy in the world. I had a podcast chat with Zheng Di, and he also mentioned that Singapore's efforts to drive away the cryptocurrency industry are related to this year's FATF assessment, and Hong Kong will face similar anti money laundering inspections next year, which may also have issues similar to Singapore's, perhaps due to the background of this policy. Podcast full text https://mp.weixin. (qq.com)/s/c4O2dbwFqgl_IIdF7Gjdlw audio https://youtu.be/XbVion2BAnY?si=mnR3RxMpMBO -waT4