Hong Kong Monetary Authority: Initial identity verification of holders of compliant stablecoins in Hong Kong is required.

On July 30, according to Caixin reports, the Hong Kong Monetary Authority will open the first batch of stablecoin issuer license applications from August 1 to September 30, 2025, marking the official implementation phase of stablecoin regulation in Hong Kong. All holders of compliant stablecoins in Hong Kong must undergo identification verification, akin to a real-name system, to strengthen the fight against money laundering and financial crime risks. The HKMA's Assistant Vice President (Regulation and Anti-Money Laundering) Chan King-wang pointed out that this arrangement is stricter than the "allowlist" system previously mentioned in the anti-money laundering consultation document, but there may be opportunities to relax the regulations in the future if technology matures.