Hong Kong Monetary Authority Director Norman Chan Tak-lam: It is expected that regulated stablecoins will be launched as early as mid-year this year.

Recently, the Financial Services and the Treasury Bureau of the Hong Kong Special Administrative Region Government stated that the two licensed stablecoin issuers must complete technical platform and system testing, as well as implement various risk management measures before officially operating. The Hong Kong Monetary Authority has always maintained close communication with licensed issuers to ensure that all preparations are progressing smoothly. Combining the current business plans of the two institutions, regulated stablecoins in Hong Kong are expected to be launched in the middle of this year. In addition, the Hong Kong Monetary Authority has proactively contacted other applicant institutions for further communication and coordination. Provided that the applicant institutions meet the basic entry requirements of the Stablecoin Ordinance, the Hong Kong Monetary Authority will use uniform and strict standards to review applications, focusing on three points: first, whether they can create feasible application scenarios that support the development of the entire industry; second, whether they have a robust and sustainable operating model, as well as the corresponding risk management capabilities and industry experience; third, whether they strictly comply with the laws and regulations of Hong Kong and other relevant regions.