Hong Kong Financial Secretary: HKMA to Expedite the Processing of Stablecoin License Applications

BlockBeats News, on June 16, the Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan Mo-po, recently penned an article stating that with the rapid growth of the digital asset market, the demand for stablecoins is expected to further increase. Stablecoins, being unaffected by traditional payment time and geographical restrictions, can serve as a medium for transactions. Additionally, their programmable features enable diverse innovative solutions, automating and streamlining financial service processes. Noting the interest of numerous market participants, the Hong Kong Monetary Authority will expedite the processing of license applications once the "Stablecoin Ordinance" comes into effect, allowing qualified applicants to commence their operations. (21 Caijing)