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Yu Weiwenz: The licensing approval standards for stablecoin issuers are very high, and only a few licenses will be issued in the early stages.
BlockBeats News, August 14: The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) issued a joint statement regarding market volatility related to stablecoins. To maintain market integrity and investor protection, the SFC has a dedicated market surveillance team and a sophisticated, validated system to closely monitor trading activities in Hong Kong. In response to any manipulation or fraudulent behavior that may harm market integrity, the SFC will take strong action. Eddie Yue, Chief Executive of the HKMA, stated that the HKMA adopts a strict and cautious approach to approving stablecoin issuer licenses. The approval criteria are very high, and only a few licenses will be granted initially. As part of normal market communication, we have so far had preliminary discussions with multiple institutions regarding stablecoin licenses. These discussions, along with expressions of intent and applications for licenses, do not constitute approval of any institution nor do they imply any endorsement of their prospects for obtaining a license. (Financial Times)
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