ChainCatcher news, according to Hexun, the Hong Kong Special Administrative Region government published a notice in the Gazette on June 6, announcing that the "Stablecoin Regulation" will officially take effect on August 1, marking the implementation of the world's first comprehensive regulatory framework for fiat-backed stablecoins.Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue recently wrote that considering stablecoins are a relatively emerging product, the risks involved in issuance activities, user protection, as well as market capacity and long-term development, the licensing will have a relatively high threshold, and initially only a "small number of licenses" will be issued.Eddie Yue emphasized that entering the stablecoin issuer sandbox program launched by the HKMA in 2024 is not a prerequisite for future applications for stablecoin issuer licenses; on the other hand, even if an institution has entered the "sandbox," it does not guarantee that it will necessarily obtain a license. The HKMA will prudently consider all license applications according to consistent and strict standards.Eddie Yue clearly stated that applicants need to propose specific and feasible business plans and practical application scenarios, focusing on their reserve management capabilities, compliance systems, and technical security. The first batch of stablecoins will focus on cross-border trade and Web3.0 applications.

Chain Catcher News: The Yunnan Provincial Market Supervision Administration recently released two local standards of Yunnan Province, namely the "Blockchain Cross-Border Trade Service Application Guide" and the "Blockchain Domain Name Resolution Service Application Guide," jointly completed by the Yunnan Academy of Science and Technology, Yunnan University of Finance and Economics, and the Yunnan Provincial Institute of Standardization. These standards will officially come into effect on November 12, 2022. These are the first local standards for blockchain released in Yunnan Province, filling the gap in local blockchain standards in the province.It is reported that the secretariat of the Yunnan Provincial Blockchain and Digital Technology Standardization Technical Committee is located at the Yunnan Academy of Science and Technology, which is mainly responsible for undertaking the standardization work of blockchain and digital technology in Yunnan Province, with the Yunnan Provincial Department of Science and Technology as the business guidance unit. So far, 2 standard system research projects have been completed; 1 national standard application has passed the preliminary review; the development of 8 local standards has been promoted; and the Yunnan Academy of Science and Technology has joined the National Standardization Committee's Big Data Working Group, Yunnan University of Finance and Economics has joined IEEE (Institute of Electrical and Electronics Engineers), and Yunnan Digital Economy Industry Investment Group Co., Ltd. and Kunming Digital Economy Industry Investment Co., Ltd. have been approved to join the National Standardization Committee's Digital Economy Standard Research Group as member units. (Source link)