Observers surprised after the city’s de-facto central bank says it plans to issue the first batch of licences early next year
Hong Kong’s stablecoins ordinance, which took effect on Friday, puts cryptocurrency’s most-traded cash substitute under the same regulatory framework as banks, triggering a rush for a limited number of licences from the Hong Kong Monetary Authority (HKMA).
The HKMA said on Tuesday that only “a handful” of licences would be issued initially, to calm a hyped-up market. Since the beginning of this year the share prices of some companies have soared simply after suggesting plans to develop stablecoin operations, as the prospects of crypto and digital asset adoption become more mainstream.
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