$DOGE $ETH 🔥Countdown for Hong Kong stablecoin license! 36 applications submitted at the last minute, first batch of licenses expected early next year!
Financial Secretary Xu Zhengyu has declared: Hong Kong's stablecoin market is about to "operate with a license." As of September, 36 institutions have submitted applications, and the first batch of licenses is on the way. The authorities have made it clear with three main priorities: reserves must be stable, prices must be stable, and anti-money laundering efforts must be strict, directly addressing investor protection and trading disputes.
Even more exciting developments are on the way! Details of the virtual asset custody licensing system are being formulated, with direct submission to the Legislative Council next year. The goal is clear: to ensure proper regulation while paving the way for innovation, the framework for Hong Kong's digital asset "compliance ecosystem" is being rapidly implemented.
