Chan Mo-po: The Hong Kong Monetary Authority will process stablecoin license applications as soon as possible

Odaily News Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region Government, recently wrote that with the booming digital asset market, the market demand for stablecoins is expected to increase further. Stablecoins can be used as a medium of exchange without being restricted by traditional payment time and location. With their programmable characteristics, they can also develop diversified innovative solutions to automate and intelligentize financial service processes. Noting that many market participants are very interested in this, the Hong Kong Monetary Authority will process the license applications received as soon as possible after the Stablecoin Ordinance comes into effect so that qualified applicants can conduct their business. (21 Finance)