Hong Kong's stablecoins enter the compliance era: competition for licenses and exploration of scenarios

PANews reported on August 2nd that according to Jiemian News, with the Stablecoin Ordinance officially taking effect on August 1st, Hong Kong has entered an era of stablecoin compliance, with license applications and the exploration of potential scenarios becoming hot topics. "Currently, license applications are very popular, and we've been in contact with dozens of companies," Wu Jun, a virtual asset compliance specialist, told Jiemian News. Although applications have only officially been accepted since August, many mainland-based institutions have already held preliminary discussions with the Hong Kong Monetary Authority, covering sectors including internet, industry, and finance. For several days now, working late into the wee hours to handle consulting work has become a common occurrence for Wu Jun.