Wu Jiezhuang: It is expected that the Hong Kong Monetary Authority will only issue a few stablecoin licenses initially, or select the most capable institutions from them.

The Wise Finance APP learned that the Hong Kong Monetary Authority has issued a summary explanation of the stablecoin licensing system, as well as two guidelines covering regulatory requirements for prudent supervision and anti-money laundering. Hong Kong Election Committee member and Legislative Councilor Ng Kit expressed the belief that the Hong Kong Monetary Authority has indicated that only a few licenses will be issued in the initial stage, in order to achieve regulatory expectations and prevent the occurrence of bubbles. He believes that the Hong Kong Monetary Authority will select the most capable institutions to ensure orderly market development.