Hong Kong to Implement Stablecoin Regulations in August

According to BlockBeats, the Hong Kong Special Administrative Region Government announced that the Stablecoin Ordinance will take effect on August 1, marking the establishment of the world's first comprehensive regulatory framework for fiat-backed stablecoins. Hong Kong Monetary Authority (HKMA) Chief Executive Yu Weiwen recently highlighted the high entry barriers for licensing, considering the emerging nature of stablecoins, associated risks, user protection, and market capacity for sustainable development. Initially, only a limited number of licenses will be issued. Yu emphasized that the stablecoin issuer sandbox program, initiated by the HKMA in 2024, is not a prerequisite for future stablecoin issuer license applications source: https://www.binance.com/en/square/post/26079553181297?utm_source=BinanceNewsRSS