The Hong Kong stablecoin regulatory regime is set to go live on August 1, but so far, the Monetary Authority has issued no licences.
The bill is set to be in effect from August 1, but so far, no issuer has received a licence from the regulator. “In future, the public may refer to the register of licensed stablecoin issuers as shown on the HKMA’s website,” read the press release. Naturally, the list is empty for now.
The regulator cautioned:
Members of the public are advised to stay vigilant to any persons who claim to be regulated or licensed stablecoin issuers in Hong Kong, as well as those who claim to be applying for a licence.
HKMA has encouraged parties interested in becoming an issuer to contact the regulator for feedback by August 31. It has also said that those who wish to be considered early can submit an application by September 30.
The HKMA would like to remind market participants to exercise due caution in their public communications, as well as refrain from making statements that could be misinterpreted or create unrealistic expectations.
One clause that stands out in the anti-money laundering (AML) guidelines is that FRS issuers might be required to verify the identity of all stablecoin holders, an approach notably stricter than most other jurisdictions.
At the time of writing, Bitcoin is floating around $117,800, down 1% in the last week.
