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Hong Kong Monetary Authority Chief Executive: Stablecoin purchases should use regulated channels, the first batch of issuers plans to start operations in the coming months
The President of the Hong Kong Monetary Authority, Eddie Yue, stated that the first batch of stablecoin issuers has been granted licenses today. Based on the business plans of the licensees, they intend to commence operations in the coming months once the relevant preparations are completed.
Eddie Yue expressed hope that the issuers will carry out their business as planned, actively explore development opportunities while managing risks, promote the application of compliant stablecoins, and address pain points in financial and economic activities. At the same time, the public should remain vigilant against any fraudulent activities or scams claiming to be related to the licensees or the stablecoins they issue. When purchasing or using stablecoins, regulated channels should be used, and if there are any doubts, they should refer to the records of the Monetary Authority to verify the identity of the licensees or contact the licensees for further inquiries.
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