The first batch of Hong Kong stablecoin issuer licences is expected to be granted early next year, the Hong Kong Monetary Authority (HKMA) told a media briefing on Tuesday. Hong Kong's stablecoin bill is set to take effect on August 1.

Stablecoin excitement has gripped Hong Kong as the city prepares to launch a licensing system for the less volatile type of cryptocurrency, but authorities warn against overplaying its future role in financial systems.

The Hong Kong Monetary Authority (HKMA) released guidelines on Tuesday for stablecoin issuers wanting to comply with its upcoming licensing regime for the sector. The final guidance covered rules on money laundering,

Hong Kong will officially implement its new regulatory framework for stablecoin issuers on August 1, as the city moves to safeguard digital currency adoption through licensing, oversight, and a public issuer registry.