HK Stock Market Move | Individual concept stocks of stable coins are rising. The stable coin regulations will be announced this month. The Hong Kong Monetary Authority said it aims to issue licenses within the year.

Individual stablecoin concept stocks rose. As of the time of writing, VICTORY SEC(08540) rose by 6.9% to 6.82 Hong Kong dollars; GUOTAI JUNAN I(01788) rose by 5.15% to 4.49 Hong Kong dollars; YEAHKA(09923) rose by 2.59% to 12.68 Hong Kong dollars; CHINA EB LTD(00165) rose by 1.96% to 7.81 Hong Kong dollars. In terms of news, according to CCTV News, on July 7, Hong Kong Financial Secretary and Treasury Bureau Director Christopher Hui announced that the Hong Kong "Stablecoin Regulations" will take effect in August. The Hong Kong Monetary Authority is currently consulting the market on implementing the regulations. The guidelines are expected to be released within this month, and will involve anti-money laundering and other related requirements. Hui also indicated that the number of stablecoin licenses issued will be in single digits, and hopes to receive applications after the regulations come into effect, with the goal of issuing licenses within this year. As for whether financial institutions with licenses can issue stablecoins pegged to the Renminbi, he said that if it involves other jurisdiction's currencies, it will need to be discussed with the relevant institutions. Earlier, Hong Kong Financial Secretary Paul Chan Mo-po published a commentary titled "Asia's New Era" stating that the law on stablecoins in Hong Kong will take effect on August 1 this year. The Hong Kong government and financial regulatory authorities will work to create a favorable market environment, with necessary regulatory measures, to promote the integration of stablecoins into different scenarios, helping to address substantive pain points in business operations and the lives of citizens. Paul Chan Mo-po stated that there will be further collaboration with the Asian Infrastructure Investment Bank, and through financial innovation, such as issuing more currencies and bonds of different maturities, securitization of infrastructure mortgages, and issuing catastrophe bonds, to support the funding needs of the region's economy's infrastructure and other developments.