Hong Kong Monetary Authority: Applications for a basket of fiat-pegged stablecoins are available, with the first license likely to be issued early next year

that according to the National Business Daily, Chen Weimin, deputy chief executive of the Hong Kong Monetary Authority, said at a technical briefing on the stablecoin issuer regulatory system that the number of stablecoin issuer licenses issued in the first phase is still uncertain and depends on the quality of the application materials submitted by the applicant institutions. It is expected that the first stablecoin issuer license will be issued at the beginning of next year and emphasized that "the threshold for passing is very high."