AsianFin -- Christopher Hui, Secretary for Financial Services and the Treasury, said on Monday that the Hong Kong Monetary Authority (HKMA) is currently consulting the market on implementation guidelines, which are expected to be published later this month. The guidance will cover anti-money laundering (AML) and other compliance requirements.

Hui also noted that the number of stablecoin licenses issued will be limited to single digits, with the government aiming to begin accepting applications once the ordinance comes into force and to issue the first licenses by year-end.

Asked whether licensees would be allowed to issue stablecoins pegged to the Chinese yuan, Hui said such matters would involve coordination with authorities from other jurisdictions and would require further discussion.