Starting August 1, 2025, Hong Kong will implement a stablecoin licensing system focusing on a limited number of established entities through an invitation-only process. This approach aims for greater market control and transparency.
Christopher Hui, Secretary for Financial Services, highlighted the importance of consulting stakeholders in forming the licensing guidelines. The target is to issue a single-digit number of licenses.
Despite regulatory shifts, major stablecoins such as USDT and USDC remain stable in price. This reflects broader global trends towards tightening crypto regulations, similar to initiatives in the EU.
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