HKMA receives 36 stablecoin licence applications 

The Hong Kong Monetary Authority (HKMA) on Thursday said it has so far received applications from 36 institutions for a licence to issue stablecoins.

The city’s Stablecoin Ordinance to regulate the industry took effect on August 1.

Stablecoin is a type of cryptocurrency based on blockchain and is backed by a reference asset, typically fiat currencies such as the US or Hong Kong dollar.

Issuers of fiat-referenced stablecoins within the city or Hong Kong-dollar backed stablecoins anywhere must be licensed by the HKMA.

Read more: news.rthk.hk

Source: CRYPTO WORLD NETWORK NEWS