CITIC Securities: Continue to monitor issuers that may obtain the first batch of stablecoin licenses

PANews reported on July 30th that a CITIC Securities research report indicated that on July 29th, the HKMA released a series of documents regarding the regulatory regime for stablecoin issuers, which will take effect on August 1st. The core document is the "Guidelines for the Supervision of Licensed Stablecoin Issuers," while the most relevant guideline for the current application stage is the "Summary of the Licensing Regime for Stablecoin Issuers." Regarding the timeline, the HKMA encourages prospective applicants to contact the regulator by August 31st, while mature applicants will have until September 30th to apply. The first batch of licenses will only be in the single digits, and are expected to be issued before the end of the year. It is recommended to continue to focus on two key areas: issuers that may obtain the first batch of scarce licenses, and scenario platforms that will have a certain degree of participation in the creation of stablecoin use cases.