According to Odaily Planet Daily, the Hong Kong Monetary Authority will open applications for the first batch of stablecoin issuer licenses from August 1 to September 30, 2025, marking the official implementation of Hong Kong's stablecoin regulation. The identities of all compliant stablecoin holders in Hong Kong must be verified, effectively implementing a real-name system to strengthen efforts to combat money laundering and financial crime risks. Hong Kong Monetary Authority Executive Director (Regulation and Anti-Money Laundering) Chan King-hung noted that this arrangement is stricter than the "whitelist" system previously outlined in the anti-money laundering consultation document, but that regulations could be relaxed in the future if the technology matures. (Caixin)