Edward Yau: Hong Kong plans to issue stablecoin licenses next month

On February 11, Hong Kong Chief Executive John Lee Ka-chiu stated in his opening speech at the Consensus Hong Kong conference that Hong Kong's position as a global center for Web3 and cryptocurrency innovation is increasingly being enhanced. A key initiative was the implementation of the "Stablecoin Regulations" in August last year, which established a licensing regime for issuers of stablecoins pegged to legal tender in Hong Kong. The Hong Kong Monetary Authority is actively processing license applications, and it is believed that the first batch of licenses for stablecoin issuers will be issued next month. Efforts are being made to establish Hong Kong as a global innovation center for digital assets.