Hong Kong Monetary Authority, Eddie Yue: Striving to issue the first batch of stablecoin licenses in March.

When asked about the issuance of stablecoins, Eddie Yue, the chief executive of the Hong Kong Monetary Authority, told the media after attending a meeting of the Financial Affairs Committee that the authority has requested additional information from some applicants, hoping for quick and comprehensive responses. If the authority receives all the necessary information, they aim to issue licenses by March this year, with a focus on stability but not many licenses will be issued. Yue mentioned that the regulatory framework and licensing system have been clearly laid out, and any future operators engaging in cross-border activities must comply with local regulatory requirements. For stablecoins issued abroad that want to operate in Hong Kong, especially in retail, they need to obtain a license in Hong Kong, which includes establishing an office in Hong Kong and holding reserve assets in Hong Kong. He noted that the regulation and licensing of stablecoins are just beginning, and there may be discussions on international reciprocal arrangements in the future.