Hong Kong Secretary for Financial Services and the Treasury Christopher Hui said that two licensed stablecoin issuers still need to complete a series of preparations before they begin formal operations. These preparations include technical platform and system testing, as well as the implementation of risk management measures covering reserve asset management, asset security protection, mechanisms for maintaining token value stability, redemption rules and cybersecurity.
Licensed issuers move through pre-launch preparations
Hui said the Hong Kong Monetary Authority has maintained communication with the licensed issuers to ensure that the relevant preparations proceed in an orderly manner. Based on the current business plans of the two institutions, Hong Kong’s regulated stablecoins are expected to be launched first around the middle of this year. Before compliant stablecoins are formally introduced, the licensed issuers must also complete technology platform and system testing, risk-control implementation and staffing resource arrangements.
According to earlier information, the Hong Kong Monetary Authority has granted stablecoin issuer licenses to Anchorpoint Financial Technology Limited and HSBC Bank. For the remaining applicants, the HKMA has already made contact and started further communication and coordination.