[Xu Zhengyu: Some stablecoin licenses expected to be issued early next year, with priority given to reserve management measures]
Hong Kong Secretary for Financial Services and the Treasury Xu Zhengyu stated that as of the end of September this year, 36 applications for stablecoin licenses had been received. It is expected that some licenses will be issued early next year, with priority given to robust reserve management, price stability, and anti-money laundering measures. Xu Zhengyu pointed out that work is underway with the Hong Kong Securities and Futures Commission to establish a licensing regime for virtual asset trading services and custody services, with plans to submit it to the Legislative Council for review next year. The Hong Kong Monetary Authority had previously stated in October that only a few licenses would be issued in the initial phase.