Details of the Hong Kong Monetary Authority's stablecoin issuer license application have been revealed, and KYC rules may be stricter.

[Chain News] PANews reported on July 30 that the Hong Kong Monetary Authority will open applications for the first batch of stablecoin issuer licenses from August 1 to September 30, 2025. All holders of compliant stablecoins in Hong Kong must undergo identification verification. The media contacted Hong Kong Legislative Council member Wu Jiezhuang regarding this, and he stated that the Hong Kong Monetary Authority will indeed implement KYC rules, but the specific implementation methods have not been fully determined, and real-name verification is just one of the methods. Wu Jiezhuang emphasized that the specific plan will be submitted by stablecoin issuers to the Monetary Authority, which must then be satisfied and approved. Additionally, compared to cash, the KYC rules related to stablecoins will be stricter.