余伟文：香港首批稳定币仅发数张牌照

Core Viewpoint - Hong Kong's regulatory framework for stablecoins is set to begin on August 1, with the Monetary Authority (HKMA) expected to issue a limited number of licenses initially, emphasizing a cautious approach to the burgeoning interest in stablecoins [1][2][3]. Group 1: Regulatory Framework - The "Stablecoin Ordinance" will come into effect on August 1, allowing HKMA to start accepting license applications, with specific guidelines being developed through market consultation [1]. - HKMA's president, Eddie Yue, highlighted the importance of a measured response to the rising interest in stablecoins, indicating that they should not be viewed as investment or speculative tools but rather as payment instruments utilizing blockchain technology [1][2]. - The regulatory framework is based on international guidelines established by the Financial Stability Board (FSB) under the G20, aiming to address risks associated with stablecoins, including anti-money laundering challenges [2]. Group 2: Licensing and Market Considerations - The issuance of stablecoin licenses will have high entry barriers, with expectations that only a few licenses will be granted initially, focusing on entities with real application scenarios and sustainable business models [3]. - HKMA has previously launched a "sandbox" for stablecoin issuers to understand their business models and provide regulatory guidance, although participation in the sandbox does not guarantee a license [3]. - The principle of "same activity, same risk, same regulation" will guide the licensing process, ensuring alignment with international standards while addressing local market conditions [2][3].