TechFlame reports that Hong Kong's “Stablecoin Ordinance” came into effect in August. The Hong Kong Treasury Secretary Hui Ching-yu said that the HKMA is currently consulting the market on implementing the guidelines. The guidelines will be announced within this month. The details will cover anti-money laundering and other related requirements. He also indicated that the number of stablecoin licenses granted will be in single digits. He hopes to receive applications after the regulations come into effect. The goal is to issue licenses within this year. As to whether financial institutions can issue stablecoins linked to RMB after obtaining a license, he said that if currencies in other jurisdictions are involved, discussions should be held with relevant agencies. (Ming Pao)