Hong Kong’s stablecoin bases as she looks forward to creating encryption credentials

Hong Kong’s bases entered Stablecoin on Friday, as the government continues its ambitions to the encryption sector.

China’s private administrative region has taken steps in recent years to strengthen its position in industry on its way to achieve its goal of becoming a center for encryption and Web3 in Southeast Asia. I created a regulatory framework for encryption for more than two years, and began to consult Stablecoin In 2023.

The law that governs Stablecoins, which are encrypted currencies of value linked to one of the assets in the real world such as the dollar, It passed in May. Licensing requests can be submitted from now for the next three months, according to Hong’s Monetary Authority (Hkma) guidance Posted on Tuesday. Companies that have submitted a request to continue while looking at their application until January 31.

While there were 40 companies waiting to apply for a request Stablecoin license Last month, many are unlikely to be successful. The market became “Very excitedHkma Eddie Yue, CEO of Hkma Eddie Yue last month. The organizational authority is likely to approve less than 10.