Hong Kong regulator targets March for first stablecoin licences
Eddie Yue Wai-man, Chief Executive of the Hong Kong Monetary Authority (HKMA) poses for a picture during an interview with Reuters in Hong Kong, China November 4, 2022. REUTERS/Tyrone Siu
HONG KONG, Feb 2 : The Hong Kong Monetary Authority Chief Executive Eddie Yue said on Monday the regulator expects to issue its first batch of stablecoin issuer licences in March, with only a "very small number" to be granted initially.
Addressing a Legislative Council meeting, Yue noted that the review process for applications is nearing completion.
At a subsequent media briefing, he highlighted that assessments are focusing on areas including use cases, risk management, anti-money laundering measures, and the backing assets of the stablecoins.
Licensed issuers must comply with local regulations for cross-border activities. Mutual recognition arrangements with other jurisdictions could be explored in the future, he added.
