Hong Kong Monetary Authority launches “sandbox” for stablecoin issuers

According to BlockBeats news, on March 12, the Hong Kong Monetary Authority (HKMA) announced the launch of a “sandbox” program for stablecoin issuers, aiming to cooperate with the consultation work on legislative proposals for the regulatory system for stablecoin issuers. The "sandbox" program provides a platform for institutions interested in issuing fiat stablecoins in Hong Kong to exchange regulatory expectations and collect opinions, ensuring that applicants have a genuine intention and reasonable plan to develop stablecoin issuance business in Hong Kong. Operations in the "sandbox" will be carried out within a limited scope to ensure that risks are controllable.