Deputy Secretary for Financial Services and the Treasury of Hong Kong: The licensing system for stablecoin issuers will have a 6-month "grace period" after it comes into effect

ChainCatcher news, according to Hong Kong Wen Wei Po, the Deputy Secretary for Financial Services and the Treasury, Chen Haolian, stated at the Legislative Council's Web3 and Virtual Assets Development Subcommittee meeting that, in addition to the current regulatory system for virtual asset trading platforms, establishing a licensing system for fiat-backed stablecoin issuers will strengthen Hong Kong's virtual asset regulatory framework to align with international standards. The system will have a transition period, allowing issuers with meaningful and substantial issuance activities to continue operating during the "grace period" of 6 months after the system comes into effect, but they must submit their license applications within the first 3 months; otherwise, they must orderly cease operations by the end of the 4th month.