Hong Kong Sets Strict Standards for Stablecoin Issuers

According to BlockBeats, Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue announced that Hong Kong has established stringent standards for stablecoin issuers. The entry requirements are high, aligning closely with the regulations for electronic wallets and banks. It is anticipated that only a few licenses will be issued in the initial phase, with licensed stablecoins serving specific purposes such as cross-border trade. Eddie Yue emphasized that the HKMA imposes rigorous risk management requirements, covering asset reserve management, stabilization mechanisms, redemption policies, and anti-money laundering regulations, which are nearly identical to those for electronic wallets and banks source: https://www.binance.com/en/square/post/25998143107809?utm_source=BinanceNewsRSS