Hong Kong Monetary Authority: A package of fiat-backed stablecoins can be applied for, with the first license expected to be issued early next year

ChainCatcher news, according to the Daily Economic News, the Vice President of the Hong Kong Monetary Authority, Chen Weimin, stated at a technical briefing on the regulatory framework for stablecoin issuers that the number of stablecoin issuer licenses to be issued in the first phase is still uncertain and will depend on the quality of the application materials submitted by the applicants. It is expected that the first stablecoin issuer license will be issued early next year and emphasized that "the threshold for approval is very high," and entering the "sandbox testing" does not mean that a license will be granted.

Chen Weimin also stated that the Hong Kong Monetary Authority holds an open attitude towards fiat currency types. Stablecoin issuers can apply for a license for stablecoins pegged to a specific fiat currency or for stablecoins pegged to a basket of fiat currencies, with the emphasis on specifying the fiat currency type at the time of application.