Companies that seek to broadcast Stablecoins must control their enthusiasm, especially when their main business is not related to digital assets, wrote the CEO of Hong Kong’s monetary authority (HKMA) Eddie Yue, in a blog post on the website of the Central Bank.
Some companies that do not have a business related to Stablecoins, tokens whose value is linked to other assets, such as fiduciary currencies, or digital assets have announced their intention to develop a Stablecoin business. As a result, “the prices of the shares have increased, the volume of negotiation of shares has increased and the company’s reputation has also improved considerably,” said Yue in Wednesday’s publication.
“With the recent speculation of the Stablecoin concept, the market has been too excited,” he wrote.
The Financial Regulatory cooling note occurs as it is configured to begin to license Stablecoin from August 1 after approving a Stablecoin invoice in May. While 40 companies request the regime, the HKMA is likely to approve less than 10.
“In fact, we have made clear before, at most, only a few Stablecoin licenses will be approved in the initial stage,” said Yue. “In other words, there are many disappointed people.”
After the approval of the Stablecoin bill, the regulator sought opinions on the implementation of its regulation and money laundering guidelines, something that plans to publish at the end of July, he added.
The market capitalization of Stablecoins rose to more than $ 269 billion, according to Coingcko data, after the signing of the United States genius.
