On 1 August, Hong Kong’s Stabelcoin Ordinance came into force officially. HKMA issued detailed licensing guidelines covering capital, custody, KYC, store and governance requirements.
Banks lead the race
Top Banot -Parsing Bains such as BOCHK and standard chatered are expected to be seen first. They have regulatory and institutional benefits under Hong Kong’s currency system. Each stablecoin should maintain full Fiat support under strict bank custody.
HKMA will only issue some licenses in the first batch. To consider, applicants have to submit by 30 September. The issuers are not applying with a three -month face shutdown till November.
Many players are now preparing applications. The state -owned enterprises, sandbox firm and Fintech giants are all participating. The success of the application will be on matters and stability of real water use.
Target scenarios include asset tokens, border payments and crypto trading. Cases of these use will result in which firms are approved.
Securities firms will be focused on stabechoin trading, custody and counseling services. They are also searching for token asset portfolio services. So far, 44 brokers have upgraded their type 1 license.
Hong Kong top brokers are now running to secure the crypto license. Failure to lose competition in digital finance. Major Chinese brokers like Gutai Junon and Eastman have already upgraded.
Regulator warning
HK regulators have warned of publicity and speculative risk. Inveestors should carefully evaluate asset banking and project viability. Conception tokens with substance can still emerge again despite the new rules.
Some firms are searching for CNH-supported stabecoin for paying across the border. For example, the China Asset Management Company (Hong Kong) launched several tokens this year. Hua Zia RMB Digital Monetary Fund became the First on-Chain Offshore RMB Fund. Industry expert view
The Post Hong Kong opened stabechoin licensing: Bank and brokers first appeared in bikripto in Rush.
