Yu Weiwen: Summary explanation of the "stablecoin issuers licensing system" will be announced next week.

The Chief Executive of the Hong Kong Monetary Authority, Eddie Yue, published an article discussing stablecoins again. In the article, it was mentioned that after the "Stablecoin Regulations" are passed, we will immediately implement the regulatory and anti-money laundering guidelines outlined in the regulations and seek market feedback. Currently, we are adjusting the requirements of the guidelines based on feedback, aiming to announce them by the end of July. We expect that the final version will not have significant changes from the consultation draft. Given the common international regulatory concerns, stricter requirements will be set in terms of anti-money laundering to reduce the risk of stablecoins being used for money laundering and ensure the orderly and healthy development of the stablecoin market in Hong Kong. We have also noticed rumors in the market recently regarding the application process. We will publish a summary of the "Stablecoin Issuer Licensing System" next week, which will explain the process of the Monetary Authority receiving and processing license applications.