Hong Kong will begin enforcing its new stablecoin regulations on Friday, with a six-month transition period allowing temporary licenses for issuers.
The Hong Kong Monetary Authority (HKMA) will implement a six-month transition period with special rules as part of its new framework for stablecoins, which is set to take effect on Friday.
According to a Wednesday report by local news outlet Radio Television Hong Kong, the HKMA will introduce a six-month transitional arrangement as the new stablecoin framework becomes active. The provisional rules also include the issuance of temporary licenses to issuers capable of complying with regulatory requirements.
However, if a Hong Kong stablecoin issuer fails to comply with the new rules within three months, they will be required to wind down their operations within four months. Issuers that the HKMA believes cannot comply with the new rules will be forced to cease operations within a single month of receiving their notice, the report said.
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