The Hong Kong Monetary Authority (HKMA) will implement a six -month transition period with special rules as part of its new framework for stabilines, which are ready to be effective on them.
For the local news outlet radio television Hong Kong’s Wednesday’s report, HKMA will offer a six -month transitional arrangement as the new Stabelcoin framework becomes active. Provisional rules include issuing temporary licenses to competent issuers in compliance with regulatory requirements.
However, if a Hong Kong issued a Hong Kong issues to follow the new rules with three months, they will be requested to write their operations with operations. The report states that HKMA believes that new rules cannot be followed.
HKMA said it would release the first round of license at an unknown time, but emphasized that only a limited number would be provided. It was also not noted that it would not reveal the names of the applicants.
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Hong Kong’s new Stabecrim rule
Framework includes strict requirements for stablecoin issuers, including high quality liquid reserves, redemption processing and attendance Kong within a business day. The issuers should have adequately finished resources.
The additional mandate includes your customer processes, wallet ownership verification, once monitored transactions and blacklisting of risk wallet addresses.
HKMA will have the right to investigate the suspected non -renovation. Enforcement action may include fines, public warnings, licenses suspensions or disposal, as well as referrals for law enforcement.
The new rules have planned to criminalize stabeloin promotion in the region without a license.
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Who is running for license?
Interest in issuing StableCoin has increased before the launch of Framework. China’s e-commerce Behemoth JD.com linked the allegedly registered institutions to a potential stabechoin rollout, which has been admitted for a few days of the Hong Kong Stabecrim rules to be effective.
The company, often described as Amazon of China, re -organized two related institutions through an assistant and also participated in Hong Kong Kong’s Stabecin issuing Sandbox program.
Similarly, Ant International has allegedly planned to apply for the StableCoin issuer license in both Hong Kong and Singapore. The ant group is part of the Chinese Group Alibaba Group, the world’s largest digital payment platform, the owner of Alipay, who serves over 80 million traders and 1.3 billion users worldwide.
In February, Standard Funded Bank Hong Kong, Enemoka brands and Hong Kong’s telecommunications announced a joint venture to issue a stabechoin supported by Hong Kong dollar.
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