The Hong Kong Monetary Authority is about to implement new stablecoin regulatory policies, which will officially take effect on August 1. The President of the Hong Kong Monetary Authority, Yu Weiwen, stated that this new policy sets quite stringent standards for stablecoin issuers, with regulatory intensity comparable to that of electronic Wallets and banks.

Yu Weiwen expects that in the initial stage of policy implementation, only a small number of licenses will be issued. These licensed stablecoins will be used for specific purposes, such as cross-border trade and other fields. He emphasized that the Hong Kong Monetary Authority has extremely strict requirements in risk management, covering various aspects such as asset reserve management, stability mechanisms, redemption policies, and especially the requirements of anti-money laundering regulations, which are almost consistent with the standards for electronic wallets and banks.

Considering that stablecoins have payment attributes, the new "Stablecoin Regulation" aims to provide issuers with a comprehensive regulatory framework. The goal of this framework is to ensure that the same regulatory rules apply to the same risks while promoting the healthy and sustainable development of the industry.

This initiative indicates that Hong Kong is actively laying out its digital finance landscape, ensuring financial security and stability through strict regulation. With the implementation of policies, Hong Kong is expected to occupy a significant position in the global stablecoin market, providing a regulated and trustworthy environment for the development of digital currencies.