The General Director of the Monetary Office of Hong Kong (HKMA) Eddie Yue Wai-Man said that the agency will issue licenses to a limited number of stabelcoin issuers.

Wi-Mans said that many people who are going to release stable cryptocurrencies are still under the development stage of the concept. Many issuers promise with the help of tokens to simplify international payments and accelerate the development of the Web 3.0 sector, however, they do not have practical scenarios for using stablecoins or real implementation strategies, not to mention the ability to manage risks, the head of the department said.

The HKMA CEO is sure that some organizations that managed to think over possible options for using stablecoins do not have technical capabilities for release and experience in managing financial risks. Therefore, such organizations could cooperate with other issuers of stablecoins, and not release tokens on their own, says Wi-Man.

The official is concerned about the excitement around the stabilcoins – some publicly traded companies, regardless of whether their main activities with digital assets are related, sharply increased in the cost of the promotion and the volume of trading. This happens even if the company simply announces plans to enter the stablecoin market, Wi-Man is perplexed. He said that HKMA will in limited quantities issue licenses allowing the launch of stablecoins in Hong Kong.

More stringent requirements can limit the business issuers of stablecoins, however, this is useful for the healthy development of the market, Vai-Man believes. Next week, HKMA plans to publish the rules for submitting applications for obtaining a license – earlier public consultations were held on this issue.

In June, the financial regulator specified that the recipient of the HKMA license must have a reserve capital of at least 25 million Hong Kong dollars (about $ 3.1 million). In May, the legislative council of Hong Kong approved a bill establishing a licensing regime for emitters of stablecoins.