The Hong Kong rules for Stablecoin issuers entered into force on Friday while the government pursues its ambitions for the cryptographic sector.
The Special Administrative Region of China has taken measures in recent years to strengthen its position in the industry on the road to the realization of its objective of becoming a center for crypto and web3 in Southeast Asia. He established a regulatory framework for encryption exchanges more than two years ago, and began consulting the Stablecoin rules in 2023.
The law that governs the stable, which are cryptocurrencies whose value is linked to a real world asset such as the dollar, approved in May. According to Hong’s monetary authority, requests for licenses for the next three months may be submitted, according to Hong’s monetary authority (HKMA) Orientation published on Tuesday. Companies that have submitted a request may continue while their application is considered until January 31.
Although, according to the reports, some 40 companies were waiting to request a Stablecoin license last month, it is unlikely that many succeed. The market has become “too excited,” wrote the HKMA CEO, Eddie Yue, last month. The regulator is likely to approve less than 10.
