Hong Kong Monetary Authority Issues Stablecoin Regulation Guidelines

According to BlockBeats, the Hong Kong Monetary Authority (HKMA) has released regulatory guidelines for licensed stablecoin issuers in its document titled 'Stablecoin Ordinance.' The guidelines mandate that licensed stablecoin issuers must ensure that stablecoins are not issued or offered in jurisdictions where trading is prohibited. Additionally, the guidelines require licensees to implement control measures to mitigate the risks associated with remote customer identity verification processes and location masking during daily operations, such as the use of virtual private networks (VPNs).