Hong Kong Monetary Authority: A 6-month transition period will be set after the "stablecoin" regulations come into effect.

According to a report by Hong Kong Radio, the "stablecoin regulations" will take effect this Friday. The Hong Kong Monetary Authority stated that there will be a 6-month transitional arrangement to handle institutions that already have stablecoin issuance operations in Hong Kong, including issuing temporary licenses to issuers capable of complying with regulatory requirements. If the issuer fails to meet the relevant requirements within 3 months after the regulations come into effect, they must orderly cease operations in Hong Kong within 4 months after the legislation takes effect; if the Financial Commissioner is not satisfied that the issuer is capable of meeting the licensing criteria and regulatory requirements, the issuer must orderly cease operations in Hong Kong within one month of receiving the rejection notice.