The Hong Kong Financial Authority (HKMA) launched guidelines on Tuesday for stablecoin issuers eager to adjust to its upcoming licensing regime for the sector.
The ultimate steerage coated guidelines on cash laundering, reserve property administration and issuance. It additionally included transitional measures for issuers of present stablecoins. Stablecoins are digital property which are pegged to different property like fiat forex.
HKMA’s stablecoin regime is about to take impact on Friday and a invoice on guidelines for the sector was passed in May. Already 40 corporations are ready to use for a stablecoin license, although the regulator is reportedly anticipated to approve lower than 10 purposes initially. HKMA’s CEO Eddie Yue final week warned firms to not be overly excited concerning the coming regulatory regime, significantly if their enterprise just isn’t associated to stablecoins.
The regulator inspired corporations to use by August 31 in order that it could convey its supervisory expectations, the HKMA’s press launch mentioned.