Chief Executive of the Hong Kong Monetary Authority: Stablecoin purchases should be made through regulated channels; the first batch of issuers is expected to commence operations within the coming months.

Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), stated that the HKMA has today issued the first batch of stablecoin issuer licenses. According to the licensees’ business plans, operations are expected to commence within the coming months, pending completion of relevant preparatory work. Mr. Yue expressed his expectation that the licensees will launch their businesses as planned, proactively explore growth opportunities while effectively managing risks, and promote the application of compliant stablecoins to address pain points in financial and economic activities. He also urged the public to remain vigilant against any fraudulent schemes or scams falsely claiming association with licensed issuers or their stablecoins. When purchasing or using stablecoins, members of the public should only use regulated channels. In case of doubt, they should consult the HKMA’s register to verify the identity of a licensee or contact the licensee directly for further clarification.