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HKMA, SFC Reaffirms High Threshold for Stablecoin Issuer License Application, Urges Public to Remain Cautious
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The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have issued a joint statement on recent market movements in relation to stablecoins. The HKMA and the SFC have noted recent abrupt market movements linked to the stablecoin concept. These movements appeared to follow corporate announcements, news reports, social media posts or speculations regarding plans to apply for stablecoin issuer license, engage in related activities or explore the feasibility of such initiatives in Hong Kong. Some of these claims also mentioned recent engagements with financial regulatory authorities in Hong Kong. The HKMA reiterated that it adopts a robust and prudent approach, with a reasonably high bar, in considering applications for stablecoin issuer license. The HKMA emphasized that an indication of interest or application for a stablecoin license, and the HKMA's communication with the interested entities are just part of the licensing process. The granting of license will be determined by the fulfilment of the licensing criteria. The HKMA and the SFC urged the public to exercise caution, conduct thorough research, and refrain from making irrational investment decisions based solely on market hype or price momentum. AAStocks Financial News |
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