Hong Kong Monetary Authority: A six-month transitional arrangement will be set up after the Stablecoin Ordinance comes into effect

The Stablecoin Ordinance will come into effect this Friday. The Hong Kong Monetary Authority said it will set up a six-month transitional arrangement to deal with institutions that previously had stablecoin issuance businesses in Hong Kong, including issuing temporary licenses to issuers that are capable of complying with regulatory requirements.