Hong Kong Monetary Authority Issues Stablecoin Licensing Guidelines

The Hong Kong Monetary Authority (HKMA) issued guidelines for stablecoin issuers to meet its new licensing requirements.

Guidelines address money laundering, reserve asset management, and issuance rules.
Transitional measures are outlined for existing stablecoin issuers.
The stablecoin regime starts on Friday; a related bill was passed in May.
40 firms aim to apply for a stablecoin license, but fewer than 10 applications are expected to be approved initially.
Firms are encouraged to apply by August 31 to align with HKMA's supervisory expectations.