HK Stock Market Move | Concept stocks of stable coins are active, LIANLIAN (02598) rose more than 7%. Hong Kong plans to issue stable coin licenses next month.

The concept of stablecoins stocks are mostly active. As of the time of writing, LIANLIAN (02598) rose by 7.32% to 7.04 Hong Kong dollars; GUOTAI JUNAN I (01788) rose by 5.6% to 2.83 Hong Kong dollars; YUNFENG FIN (00376) rose by 3.54% to 3.22 Hong Kong dollars; LINKLOGIS-W (09959) rose by 1.89% to 2.16 Hong Kong dollars. On the news front, on February 11th, Hong Kong Chief Executive John Lee Ka-chiu stated that Hong Kong's position as a global center for Web3 and cryptocurrency innovation is increasingly rising. A key initiative was the implementation of the "Stablecoin Regulation" in August last year, which established a licensing system for issuers of stablecoins pegged to fiat currencies in Hong Kong. The Hong Kong Monetary Authority is actively processing license applications and it is believed that the first batch of stablecoin issuance institution licenses will be issued next month. Hong Kong is committed to becoming a global innovation hub for digital assets. It is reported that Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, stated to the media after a meeting of the Legislative Council's Financial Affairs Committee that the Authority is evaluating the stablecoin issuer license applications it has received, and has asked some institutions to provide additional information, such as details on the specific application scenarios of stablecoins, risk management frameworks, and categories of reserve assets. The goal is to issue the first batch of stablecoin issuer licenses in Hong Kong in March this year. However, he emphasized: "The number of licenses issued in the first batch will definitely be limited, with prudence as the goal."