Hong Kong Monetary Authority launches stablecoin issuer sandbox

The Hong Kong Monetary Authority announced today the launch of a stablecoin issuer sandbox, to convey regulatory expectations to institutions interested in issuing fiat-backed stablecoins in Hong Kong and collect participants' opinions on proposed regulatory requirements. Applicants must have genuine intentions and reasonable plans to develop stablecoin issuance business in Hong Kong, while the proposed operations under the sandbox will be conducted within a limited scope and manageable risks. The list of participants will be published on the HKMA website and updated in due course.