On August 1, the Hong Kong order at the stable officially entered into force. The HKMA has published detailed guidelines on licenses covering the requirements in terms of capital, guard, kyc, reserves and governance.
Banks lead the race
The best banks in banknotes like Bochk and Standard Charterd should apply first. They have regulatory and institutional advantages within the framework of the Hong Kong monetary system. Each stablecoin must maintain a full Fiat support in strict custody.
HKMA will only publish a few licenses in the first lot. Applicants must submit by September 30 to be considered. Emitters that do not apply within three months are faced with a closure in November.
Many players are now preparing applications. Public companies, sandbox companies and Fintech giants all participate. The success of the application will depend on the use of the real world and sustainability.
The target scenarios include the tokenization of assets, cross -border payments and cryptographic trading. These use cases will determine which companies obtain approval.
The securities companies will initially focus on the negotiation, guard and advice services for the stable guard. They also explore the portfolio of tokenized assets. So far, 44 brokers have improved their type 1 licenses.
The best brokers in Hong Kong now run to secure cryptography licenses now. Do not do so risks losing competitiveness in digital finance. The main Chinese brokers such as Guotai Junan and Eastmoney have already improved.
Regulatory warnings
HK regulators warn against media threshing and upcoming speculative risks. Investors must assess the support of assets and carefully project viability. Conceptual tokens without substance could still reappear despite new rules.
Some companies explore the stablecoins supported by CNH for cross -border payments. For example, China Asset Management Company (Hong Kong) has launched several token funds this year. The Hua Xia RMB Digital Currency Fund has become the first RMB offshore chain fund. Industry experts consider this to be a historic event exploring the possibilities of StableCoin RMB Offshore.
The Hong Kong post opens a Stablecoin license: banks and brokers rushed first on Beincrypto.
