According to Wu Shuo, Hong Kong Legislative Council member Qiu Dagen believes that the HKMA launched the stablecoin issuer sandbox in March this year. As of a few days ago, it was announced that a total of three groups of institutions in the first batch can enter the box for testing. However, there is a sense of lack of transparency in the application process, such as the launch time of the sandbox and how long it will take to officially issue a license.

He believes that there are still many issues that have not been resolved before the official license is issued, such as virtual asset custody, intermediaries, etc., and hopes that the authorities will prepare in advance.

He is also concerned that there are many companies in the market that have issued stablecoins in other places, and is concerned about whether the authorities can consider these companies with international experience in the next round of sandbox.