Chief Executive of the Hong Kong Monetary Authority: Stable coins should be purchased or used through regulated channels

Yu Wai-man, President of the Hong Kong Monetary Authority, said that the first batch of stablecoin issuers have been granted licenses. According to the licensee's business plan, it is planned to start business in the next few months after relevant preparatory work is completed. Yu Weiwen said that he expects issuers to carry out business as planned, actively explore development space while managing risks, promote the application of compliant stablecoins, and solve pain points in financial and economic activities. At the same time, the public should be alert to any fraudulent activities or scams claimed to be related to the licensee or the stablecoins it issues. When purchasing or using stablecoins, they should use regulated channels. If in doubt, they should consult the HKMA's register to verify the identity of the licensee, or contact the licensee for further inquiries.