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Paul Chan Says Stablecoin Licensing Will Progress in Small but Fast Steps, Stablecoins Not Investment Instruments
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The Hong Kong Monetary Authority issued the first batch of stablecoin licenses last week. Paul Chan, Hong Kong's Financial Secretary, said in a newspaper interview that the current licensing strategy aims to advance in small but fast steps. Consequently, only a few licenses would be granted in the initial phase, and only after applicants have demonstrated practical use cases and the authorities have summarized experience gained following market launch will the second batch be issued. While stablecoins boast advantages in terms of decentralization and high efficiency, Chan reminded that they are payment instruments rather than investment instruments. Auto-translated by AI AASTOCKS Financial News |
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