HKMA receives 36 stablecoin licence applications

HKMA receives 36 stablecoin licence applications

The Hong Kong Monetary Authority (HKMA) on Thursday said it has so far received applications from 36 institutions for a licence to issue stablecoins. The city’s Stablecoin Ordinance to regulate the industry took effect on August 1. Stablecoin is a type of cryptocurrency based on blockchain and is backed by a reference asset, typically fiat currencies such as the US or Hong Kong dollar. Issuers of fiat-referenced stablecoins within the city or Hong Kong-dollar backed stablecoins anywhere must be licensed by the HKMA. Read more: news.rthk.hk

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