Hong Kong Monetary Authority CEO Eddie Yue: Will release summary explanation of "licensing regime for stablecoin issuers" next week.

The Chief Executive of the Hong Kong Monetary Authority, Eddie Yue, stated that he has noticed a recent increase in fraudulent activities involving the promotion of digital assets and stablecoins, causing losses to the public. The "Stablecoin Regulations" will come into effect on August 1. According to the regulations, it will be illegal to promote any unlicensed stablecoins to the Hong Kong public from the effective date onwards. Yue also mentioned that there have been many rumors circulating about the application process in the market recently. The HKMA will publish a summary of the "Stablecoin Issuer Licensing Regime" next week, which will outline the arrangements for accepting and processing license applications. Interested parties are advised to stay tuned for further updates.