Hong Kong will strengthen stablecoin supervision and issue no license to any issuer

According to Shenzhen Chao TechFlow, Hong Kong Secretary for Financial Affairs and Treasury Xu Zhengyu said at a Legislative Council meeting that virtual asset over-the-counter trading institutions are not recognized providers under the Stable Coin Ordinance and cannot provide stablecoins to investors. The Hong Kong Monetary Authority will strengthen publicity to encourage the industry to comply with relevant requirements and monitor stablecoin transactions. Xu Zhengyu emphasized that the HKMA has not issued a license to any stablecoin issuer and the public must bear the risks at its own risk. Regarding the licensing system for digital asset trading and custody services, the Finance and Securities Regulatory Commission has completed public consultation and is formulating details of the licensing system.