Yu Weiwen: Avoid excessive speculation on stablecoins, only a few stablecoin licenses will be issued in the initial stage.

According to Techub News, as reported by Jin10, the President of the Hong Kong Monetary Authority, Yu Weilun, spoke again about stablecoins. Recently, with the heated speculation surrounding the concept of stablecoins, the market has shown excessive exuberance. Some listed companies, regardless of whether their core business is related to stablecoins or digital assets, have seen their stock prices rise and trading volumes surge simply by claiming an intention to expand into the stablecoin business, which has significantly boosted their company visibility. He stated that in the initial stage, at most a few stablecoin licenses will be issued. Even if a license is obtained, considering their desire for steady development and the resource investment required in the early stages, there will be certain uncertainties regarding the contribution to the company's short-term profitability. He hopes investors will remain calm and think independently while digesting the market "Favourable Information."

Yu Weiwen also stated that after the "stablecoin regulations" are passed, they will implement the regulations' supervision and anti-money laundering guidelines by soliciting market opinions. They are currently making appropriate adjustments to the requirements of the guidelines based on feedback, aiming to announce them by the end of July. The final draft is expected to have little adjustment compared to the consultation draft. Given the common concerns of international regulation, there will be more rigorous requirements regarding anti-money laundering to minimize the risk of stablecoins being used as tools for money laundering, ensuring the orderly and healthy development of Hong Kong's stablecoin market. At the same time, they have also noticed recent rumors regarding the application process, and will announce a summary of the "stablecoin issuer licensing system" next week, which will explain the arrangements for the Monetary Authority to accept and process license applications.