Oh joy, oh rapture! The Hong Kong Legislative Council has deigned to pass the Stablecoin Ordinance, and it shall come into effect on August 1, 2025. One can hardly contain one’s excitement. The Hong Kong Monetary Authority (HKMA) shall now begin accepting license applications, and rumor has it that the licenses are rather short, much like a summer fling π.
But fear not, dear reader, for more than 40 companies are preparing to apply, and institutions from all over the world are welcome to join the fray. It’s a veritable free-for-all, a crypto Wild West π€ ! The competition is sure to be fierce, with the likes of:
- JD CoinChain: A crypto operating on a decentralized blockchain platform. How quaint.
- Standard Chartered: A multinational bank partnering with the Animoca brand and HKT to form a joint venture. Because who doesn’t love a good joint venture?
- Circle Innovation Technology Co.: A non-profit facilitator of technology solutions and innovation. How very noble of them.
- Ant International: A global digital payment provider. Because who doesn’t want to pay for things digitally?
The HKMA shall start accepting stablecoin licenses from August 1, allowing investors to buy and sell virtual assets on a licensed virtual asset trading platform. One can hardly wait to get in on the action π. The move aims to regulate fiat-referenced stablecoins and promote digital asset activities in the nation. Because, of course, regulation is always a good thing π.
As the HKMA so eloquently put it: βThe passage of the Stablecoins Ordinance is a pivotal step. From 1 August 2025, all issuers of fiat-referenced stablecoins must be licensed by the HKMA and meet rigorous reserve, redemption, and AML standards.β Ah, the thrill of compliance π.
The HKMA has set a bunch of compulsory requirements for stablecoin licenses, including:
- A minimum paid-up share capital of at least HKD 25 million. A small price to pay for the privilege of operating in Hong Kong.
- Incorporation of a physical office in Hong Kong. Because who doesn’t love a good office space?
- Risk and reporting management compliance. Because one can never be too careful π€.
- Transparency and Security. Because, of course, one wants to be transparent and secure π.
And so, dear reader, it appears that Hong Kong is uplifting its standards while potentially positioning itself as a global crypto hub. How very exciting π. Looking at these new regulations, it seems that Hong Kong is aligning its standards with global agencies. Because, of course, one wants to be part of the global crowd π.
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2025-07-09 09:59