Odaily Planet Daily reports that Wu Jiezhuang explained the requirement for real-name verification for compliant stablecoin holders in Hong Kong. The Hong Kong Monetary Authority (HKMA) will indeed implement KYC rules, but the specific implementation method has yet to be finalized, with real-name verification being just one method. The specific plan will be submitted to the HKMA by the stablecoin issuer, who will then approve it upon approval. Furthermore, KYC rules for stablecoins will be more stringent than those for cash.

Caixin reported earlier that Hong Kong's stablecoin holders will initially need to use their real names, but the regulations may be relaxed later. (Techub News)