Wu Jiezhang: The Monetary Authority will implement KYC rules for stablecoins, but the specific plan will be submitted by stablecoin issuers

ChainCatcher news, according to Techub News, Wu Jiezhang explained that "Hong Kong compliant stablecoin holders must be real-name verified." The Hong Kong Monetary Authority will indeed implement KYC rules, but the specific implementation methods have not yet been fully determined, and real-name verification is just one of the methods. The specific plan will be submitted by stablecoin issuers to the Monetary Authority, and it must be satisfactory and approved by the Monetary Authority. In addition, compared to cash, the KYC rules related to stablecoins will be more stringent.

Previously, Caixin reported that initial stablecoin holders in Hong Kong would need to be real-name verified, but the regulations may be relaxed in the future.